Abu Dhabi Commercial Bank (ADCB) of the United Arab Emirates has announced that it successfully carried out its first transaction to transfer goods overseas with dltledgers, a blockchain platform developed by Singapore-based firm DLT.
According to a TokenPost report citing a press release from the bank, ADCB has transferred goods worth US$6.5 million from Canada to Bangladesh with technology provided by dltledgers. The service was carried out for the bank’s client, Western Red Spring Canadian Wheat.
Krishnakumar Duraiswamy, Group Head of Trade Finance at ADCB, endorsed the use of decentralized ledger technology (DLT) to enable better banking services.
“This private network allows ADCB to service corporate consumers in real-time, increasing transparency and building cross-border connectivity,” said Duraiswamy.
ADCB is the first bank in the UAE to complete a trade finance transaction on a blockchain platform.
Other players in the trade financing sector have engaged ADCB and dltledgers for digitalization, including SGS Surveyor, Richardson International Shipping Canada, Banjo Auto Flour Mill Bangladesh, Bangladesh’s Islami Bank, and Singapore-based trading house Agrocorp.
Samir Neji, Founder and CEO of dltledgers, disclosed that the platform has already conducted over 3,600 live trades and more than a billion US dollars in trade financing with 30 banks globally.
He added that platform allows banks to offer clients shorter turnaround times, higher confidentiality, and improved fraud prevention, while enabling all stakeholders to closely track information relating to documentation and the flow of goods.
“Considering that trade finance is widely viewed as the fuel for global commerce, it is easy to see why customer-centric Blockchain platforms like ours is dominating conversations in the trade finance world,” said Neji.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us