- Viyellatex is a ready-made garment exporter firm and exports approximately $300 million worth garments and textile products
- The Bangladeshi CEO of the Standard Chartered Bank, Naser Ezaz Bijoy said that they are extremely proud to introduce the revolutionary blockchain technology in Bangladesh in collaboration with Viyellatex Inc
- The Standard Chartered Bank successfully conducted Bangladesh’s very first blockchain transaction
The Standard Chartered Bank successfully conducted Bangladesh’s very first blockchain transaction. The transaction involved the issuance of a letter of credit (LC) to Viyellatex Ltd over the blockchain network, Contour. Generally, in order to issue a LC the company has to generate an application for the same and then submit it to the bank. On issuance, the specified person from the receiver’s end has to go to the bank in order to collect it. By using the blockchain this long hectic process is completed in comparatively less time.
Transaction Involved Issuance of LC For A Top Garment Exporter
Viyellatex is a ready-made garment exporter firm and exports approximately $300 million worth garments and textile products. It has very high profile clients such as Puma, Marks and Spencer, Esprit and so on. The transaction involved a purchase of some textile items from the exporter’s subsidiary, Viyellatex Spinning. As it was a blockchain transaction, it had to be paperless and entirely carried out digitally using the Contour blockchain.
Contour, based on R3’s Corda blockchain, is a distributed trade network that enables the customers to trade data in real-time. It enhances the transparency of the network, eradicates any further administration costs and reduces conflicts in the global trading networks.
Hassle-free and Efficient LC Process
The chairman and chief executive officer of Viyellatex Group, Rezaul Hasanat after the successful completion of the transaction said that the entire process was smooth and hassle free. He added it seemed like any other transaction on a financial service provider through a SMS or an application. Hasnat also said that the implementation of blockchain in industries will improve the turnaround time of the entire LC procedure and will also enhance the trading efficiency in the country.
The Bangladeshi CEO of the Standard Chartered Bank, Naser Ezaz Bijoy said that they are extremely proud to introduce the revolutionary blockchain technology in Bangladesh in collaboration with Viyellatex Inc.
Standard Chartered to Soon Launch Other Blockchain Services
With this first stepping stone of the blockchain transactions, the Standard Chartered Bank aims at adopting it at a much bigger level such as cross-border imports and exports. The bank will also launch a blockchain-based service for the Bangladeshi migrants in Malaysia. The service will enable them to transfer money and payments to their homes easily and efficiently.
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