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.
Krishnakumar Duraiswamy, ADCB's Group Head of Trade Finance said, "By joining the fastest growing dltledgers blockchain platform for cross-border trade, the bank is able to re-imagine trade finance for its customers. This private network allows ADCB to service corporate customers in real time, increasing transparency and building cross-border interconnectivity."
