Asia/Pacific News
Blockchain Letter of Credit Used on Fuel oil Trade
Tuesday November 3, 2020
A deal for 20,000 metric tonnes of fuel oil made between firms in Bangladesh and Singapore has been made using a blockchain-based letter of credit.
The transaction -- which took less than 24 hours to complete as opposed to the more usual five to 10 days -- was managed by HSBC in Bangladesh using the blockchain platform Contour.
Contour is owned by several global financial institutions including HSBC.
The platform became live this year and it has been used to make other trades, according to financial technology news provider the Coin Telegraph.
The fuel was imported into Bangladesh from Singapore-based United Mymemsingh Power.
