HSBC is at the forefront of using blockchain technology in trade finance. We are leading the vanguard with Letter of Credit (LC) blockchain transactions, and we have successfully completed the first-ever cross-border Blockchain Letter-of-Credit (LC) transaction in Bangladesh.
The transaction involved the import of 20,000MT of fuel oil by United Mymensingh Power Limited, Bangladesh from Singapore, for their power plant. This is the first time a crossborder Blockchain transaction has been executed in Bangladesh. The transaction was completed using the Contour platform and the LC processing time was reduced from the standard 5-10 days to under 24 hours.