HSBC said the transaction over the Contour trade finance blockchain platform slashed the time normally taken to process letters of credit.
Standard Chartered Claims First Yuan-Based Letter of Credit Issued on a Blockchain
The bank said the blockchain letter-of-credit transaction – between mining giant Rio Tinto and Chinese firm Baosteel – was the first to be denominated in yuan.
Vietnam’s HDBank Taps Blockchain Network to Streamline Bank Credit for Corporates
The bank has signed up to a blockchain-based trade finance network from Contour with the aim of bringing corporate settlements into the digital realm.
Standard Chartered Invests More Money in Newly Rebranded Trade Finance Startup
Standard Chartered has invested in Contour, the recently-rebranded Voltron blockchain trade finance platform digitizing letters of credit for financial institutions.