Using Blockchain Platform, Prime Bank and Dhaka Bank Successfully Execute PoC for Green LC
As part of the implementation process for Green Letters of Credit (LC), Prime Bank PLC and Dhaka Bank PLC have successfully executed a Proof of Concept (PoC). In a pioneering move, the two banks have issued the country’s first domestic LC using a locally developed blockchain platform. This milestone marks significant progress in the digitalization of trade and commerce in Bangladesh.
The initiative has been undertaken in compliance with Bangladesh Bank’s directive (FE Circular 06, January 14, 2025). This development is expected to encourage financial institutions across the country to adopt electronic solutions for LC transactions. The electronic solution encompasses the transmission, advising, presentation, acceptance, and all subsequent processes of LC transactions.
To implement Green LC, leading banks in the country have formed a consortium, working together to establish a secure, transparent, and highly efficient digital trade ecosystem.
The Proof of Concept was executed with the technological support of SSCL, ensuring a seamless, secure, and efficient digital trade environment.
This milestone accelerates Prime Bank’s commitment to digital innovation and paves the way for a future where trade operations will be entirely digital, paperless, and uninterrupted.
