Abu Dhabi Commercial Bank to digitize trade finance with dltledgers blockchain

Wednesday 4 September 2019 00:50 CET | News

UAE’s Abu Dhabi Commercial Bank has partnered with Singapore-based dltledgers blockchain platform to digitise trade finance using blockchain.

The bank has completed its first transaction, moving USD 6.5 million worth of goods from Canada to Bangladesh for Western Red Spring Canadian Wheat, as per a press release. The latest move makes ADCB the first bank in the UAE to run an end-to-end blockchain trade finance transaction. By using blockchain technology, it offers visibility across the transaction’s entire lifespan with authenticated and consented digitized document at every step.

Meanwhile, dltledgers platform combines both supply chain traceability and the trade finance aspect. It already has more than 400 traders, running 3600 live trades and over one billion USD trade financing performed with more than 30 banks globally, Samir Neji from dltledgers said.

Using dltledgers platform, ADCB would be able to provide corporate clients greater confidentiality, faster turnaround, enhanced fraud prevention, and capability to keep a closer tab on the flow of goods and documentation, the announcement noted.

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Keywords: Abu Dhabi Commercial Bank, trade finance, United Arab Emirates, dltledgers, blockchain, Trade Finance Blockchain Platform, DLT, MENA
Countries: World