According to Coindesk's August 7 report, Standard Chartered Bank announced the successful completion of its first international letter of credit (LC) transaction on the oil industry blockchain platform Voltron.
In a statement on Wednesday, Standard Chartered said it had conducted a pilot deal with PTT Group, its subsidiary PTT International Trading Pte Ltd, and refining and petrochemical company IRPC. The transaction involves the transport of a petroleum product from Thailand to Singapore.
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Standard Chartered Bank said:
With the Voltron platform, Standard Chartered Bank can digitize end-to-end information exchanges between parties and streamline transactions such as letter of credit issuance, notification and negotiation, and document submission.
Samuel Mathew, global head of standard trade product management at Standard Chartered Bank, said:
This pilot transaction marks the beginning of our partnership with the Voltron platform. In the future we will have numerous transactions to achieve digitalization of trade. At the same time, we will enhance the customer experience. Today, our customers are increasingly relying on technology to meet the challenges of today's global trading environment. Therefore, we are very optimistic and excited about the potential opportunities that Voltron brings to the industry, as it not only has obvious advantages in increasing speed and reducing settlement risks, but also provides flexible connectivity to banks, businesses and other third parties within its network. Business.
Sending files electronically via the blockchain platform means that all participants in the transaction are able to view real-time data during the transaction. Standard Chartered Bank said the move "substantially shortened" the time required to complete the transaction in less than 12 hours.
Oil companies often use letters of credit for short-term trade financing, but this process relies heavily on labor and documentation and takes up to five days to deliver.
Standard Chartered added that through the blockchain, oil industry players on the Voltron platform will increase supply chain transparency and increase cost efficiency.
The open blockchain industry platform Voltron aims to “digitally create, exchange, approve and issue letters of credit”.
Jordane Rollin, global head of digital transformation for Standards in Trade Product Management at Standard Chartered Bank, added that Voltron is about to launch a commercial launch.
We continue to get customer feedback through pilots, which in turn adds new features to Voltron. In addition, we have begun to expand our services beyond the letter of credit to become a new industry standard for traditional trade digitization.
This week, Standard Charter, the joint venture between Standard Chartered and Tencent, China Unicom, China Telecom and China Mobile, completed its first supply chain financing transaction. The “Digital Guangdong” project aims to provide digital government services to residents of Guangdong Province, China.