The UAE’s Abu\nDhabi Commercial Bank (ADCB) has digitised trade finance for its customers\nusing the Singapore-based dltledgers Blockchain platform. <\/p>\n\n\n\n
ADCB, the\nthird largest bank in the UAE, has reported completion of its first live end-to-end\ntrade in Blockchain, moving cross-border goods for Western Red Spring Canadian\nWheat worth US$6.5 million (AED 25 million),\nfrom Canada to Bangladesh. <\/p>\n\n\n\n
ADCB is the\nfirst bank in UAE to run the end-to-end Blockchain trade finance transaction\nwith full document automation through the dltledgers platform, offering\ncorporate customers efficiencies and faster access to cash.<\/p>\n\n\n\n
Krishnakumar\nDuraiswamy, ADCB’s Group Head of Trade Finance, said: “By joining the\nfastest growing dltledgers Blockchain platform for cross-border trade, the bank\nis able to re-imagine trade finance for its customers. This private network\nallows ADCB to service corporate customers in real time, increasing\ntransparency and building cross-border interconnectivity.”<\/p>\n\n\n\n
ADCB’s\nprivate network provided end-to-end trade visibility across the entire life\ncycle of the transaction with authenticated and consented digitised documents\nat every step. This pioneering transaction involved several trade\npartners: Islami Bank (Bangladesh), SGS Surveyor, Richardson\nInternational Shipping Canada, Banjo Auto Flour Mill Bangladesh and Agrocorp, a\nlarge Singapore-based trading house.<\/p>\n\n\n\n
The flow\nmirrors the traditional letter of credit process, involving agreeing the terms,\nthe application, the issuance, the advising, the amendment request and its\napproval, the document presentation, the discrepancy resolution, and the bill\nsettlement instructions. The efficiencies stem from using a single Blockchain\nnetwork for all participants, instead of relying on multiple systems.<\/p>\n\n\n\n
As global\ntrades intertwine and evolve, demands for a networked and collaborative model\nwill intensify. Not only do transactions need to be seamless and safe, clients\nare increasingly looking for innovative solutions that save them time and\ncosts. Using the dltledgers platform, ADCB is able to offer its corporate\ncustomers greater confidentiality, the ability to keep a closer tab on the flow\nof the goods and documentation, faster turnaround and enhanced fraud prevention.<\/p>\n\n\n\n
“We are\nextremely delighted to work with ADCB to support their trade finance\ndigitisation through the dltledgers platform,\u201d said Samir Neji from dltledgers.<\/p>\n\n\n\n
\u201cWe have huge\ndemand for our network from our 50 plus traders signed in from UAE and hence\nour plan to expand into Middle East and Africa. We have over 400\nglobal traders running 3600 live trades and over one billion\nUSD trade financing performed with more than 30 banks globally. <\/p>\n\n\n\n
\u201cWe are very\nbullish of our partnership with ADCB and the region. The growth and sustenance\nof the global US$8 trillion open account trade finance market is\nheavily reliant on the easy availability and robustness of financing\nmechanisms. Considering that trade finance is widely viewed as the fuel for\nglobal commerce, it is easy to see why customer-centric Blockchain platforms\nlike ours are dominating conversations in the trade finance world. We will\ncontinue to grow and expand.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The UAE’s Abu Dhabi Commercial Bank (ADCB) has digitised trade finance for its customers using the Singapore-based dltledgers Blockchain platform. ADCB, the third largest bank in the UAE, has reported completion of its first live end-to-end trade in Blockchain, moving cross-border goods for Western Red Spring Canadian Wheat worth US$6.5 million (AED 25 million), from Canada to Bangladesh. ADCB is the […]<\/p>\n","protected":false},"author":18,"featured_media":41102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1741,3032,809,3629,78,185,79],"tags":[9928,3715,1707,10127,1276,10128,562,184],"class_list":["post-41101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-finance","category-industry-verticals","category-more-news","category-newsletter","category-regional-news-newsletter","category-uae","category-used","tag-abu-dhabi-commercial-bank","tag-bank","tag-blockchain","tag-dltledgers","tag-finance","tag-krishnakumar-duraiswamy","tag-middle-east","tag-uae"],"acf":[],"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/posts\/41101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/comments?post=41101"}],"version-history":[{"count":10,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/posts\/41101\/revisions"}],"predecessor-version":[{"id":41112,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/posts\/41101\/revisions\/41112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/media\/41102"}],"wp:attachment":[{"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/media?parent=41101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/categories?post=41101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/tags?post=41101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}