​Prime Bank has successfully completed the proof of concept (PoC) for a 'Green L/C', marking Bangladesh's inaugural inland letter of credit (L/C) executed on a locally developed blockchain platform.

This initiative aligns with a directive issued by Bangladesh Bank (BB - central bank), which encourages financial institutions to adopt electronic solutions for all stages of L/C transactions, including transmission, advising, presentation, acceptance, and subsequent processes. ​

Extensive collaboration

The Green L/C project is the result of extensive collaboration among several leading banks that formed a consortium to drive this transformation.

Their joint efforts have paved the way for a secure, transparent, and efficient digital trade ecosystem, reducing reliance on traditional paper-based processes.

Innovative milestone

The PoC was conducted in partnership with Spectrum Software & Consulting, the technology provider, ensuring a seamless, secure, and efficient digital trade environment. ​

This milestone reinforces Prime Bank's commitment to digital innovation, setting the stage for a future where trade operations in Bangladesh are fully digital, paperless, and seamless.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.