The dltledgers platform for commodity trade finance has expanded its reach to the Middle East, with Abu Dhabi Commercial Bank (ADCB) having financed its first transaction using the blockchain-based solution.
The UAE’s Abu Dhabi Commercial Bank (ADCB) has digitised trade finance for its customers using the Singapore-based dltledgers Blockchain platform. ADCB today reported completion of its first live end-to-end trade in Blockchain, moving cross border goods for Western Red Spring Canadian Wheat worth USD 6.5m (AED 25m), from Canada to Bangladesh. ADCB is the first bank in UAE to run the end-to-end Blockchain trade finance transaction with full document automation through the dltledgers platform, offering corporate customers efficiencies and faster access to cash.
Yesterday Singapore based dltledgers announced that in the last 18 months it has processed more than $1 billion in trade finance on its blockchain trade platform. The company wants to “uberize” the trade finance model. It also recently secured a $2.5 million pre-Series A financing from Walden International.
Standard Chartered’s Singapore unit has pulled off its first cross-border trade finance transaction on a blockchain-based platform, after previous initiatives by other arms of the global lender. StanChart tapped startup Distributed Ledger Technologies’ platform to complete an agri-business supply chain deal in one day, instead of the normal five to seven, the bank announced on Thursday.