Standard Chartered, multinational financial services has successfully completed the first cross-bank Letter of Credit, LC between Vietnam and Thailand. This whole process was conducted over blockchain in partnership with Asian Development Bank (ADB), Bank for Investment and Development of Vietnam and Standard Chartered Bank (Thai).
It is revealed that Standard Chartered completed the transactions over the Contour network which is an open industry network based on blockchain. It has been seen that there was a very less processing time as earlier it used to be up to five days and it has now reduced to seven hours. This was made possible due to digitising the end to end exchange of the whole process.
With this transaction, the firm has opened the gate for a lot of banks and corporates to collaborate with firms over this technology. Through this, there will be a huge growth in trade, efficiently with a great speed.
Sam Mathew, Global Head of Documentary Trade at Standard Chartered has said that the firm is extremely delighted to co-create the new module with both ADB and Contour. Along with this, he mentioned that the firm is now aiming towards an increase of adoption in the industry. This will be made possible if all the major industry players come together in order to develop various solutions which are innovative as well as scalable.
Carl Wegner, CEO of Contour has said that this could be counted as a major step of the firm towards making the global trace accessible. Not only accessible, but it will also digital as well as secure for every single person out there. By collaborating with Standard Chartered, the firm is now defining the global standard for trade and this is made possible by removing all the barriers from the ecosystem.