Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) on Tuesday announced it has digitised trade finance for its customers through dltledgers, a Singapore-based blockchain platform.

ADCB has become the first bank in the UAE to carry out end-to-end blockchain trade finance transaction with full document automation through dltledgers platform, according to a press release.

The Emirati bank has completed its first live end-to-end cross-border trade in blockchain by moving $6.5 million (AED 25 million) goods for Western Red Spring Canadian Wheat from Canada to Bangladesh.

"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," ADCB's group head of trade finance Krishnakumar Duraiswamy said.

The bank’s private network has provided end-to-end trade visibility across the whole process of the transaction with authenticated and consented digitised documents at every step, involving a number of trade partners.

These trade partners are Islami Bank (Bangladesh), SGS Surveyor, Richardson International Shipping Canada, Banjo Auto Flour Mill Bangladesh, and Agrocorp.

Samir Neji from dltledgers commented: "We are very bullish of our partnership with ADCB and the region. The growth and sustenance of the global US$8 trillionopen account trade finance market are heavily reliant on the easy availability and robustness of financing mechanisms.”

“Considering that trade finance is widely viewed as the fuel for global commerce, it is easy to see why customer-centric Blockchain platforms like ours is dominating conversations in the trade finance world. We will continue to grow and expand," Neji added.