Singapore, India complete first blockchain-powered trade finance

Wednesday 21 November 2018 10:53 CET | News

BNP Paribas and HSBC Singapore have completed Singapore’s first blockchain-enabled LC transaction between mining company Rio Tinto and Cargill.

Rio Tinto was selling a bulk shipment of iron ore originating from Australia to China for Cargill. The transaction involved BNP Paribas issuing an LC over the blockchain on behalf of Cargill to HSBC Singapore acting on behalf of Rio Tinto.

According to Cargill, the company is transforming their supply chains with digital technologies like blockchain in trade finance, commodity trade operations. In India, ING on behalf of Tricon Energy in the US—the importer—issued an LC over the blockchain to HSBC India acting on behalf of Indian conglomerate Reliance Industries. R3’s Corda blockchain platform enabled the two transactions.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: BNP Paribas, HSBC Singapore, first blockchain transaction, cross-border transaction, B2B payments, Singapore, India, Rio TInto, Cargill, R3, Corda, blockchain trade finance, trade finance, letter of credit, LC
Countries: World