Prime Bank launches blockchain-powered LC on local platform

Prime Bank PLC recently launched the proof of concept (PoC) for Green LC, Bangladesh's first-ever letter of credit (LC) executed on a locally developed blockchain platform.

This significant milestone represents a major advancement in the country's trade digitisation, paving the way for a secure, transparent, and efficient digital trade ecosystem, according to a press release.

Dhaka Bank PLC participated in this groundbreaking transaction as the beneficiary bank.

The initiative aligns with Bangladesh Bank's directive (FE Circular 06, issued on 14 January 2025), which urges financial institutions to adopt electronic solutions for all LC transactions, encompassing transmission, advising, presentation, acceptance, and subsequent processes.

Prior to this successful execution, Prime Bank PLC, in collaboration with technology partner Spectrum Software & Consulting (Pvt) Limited, took the initiative, subsequently receiving support from three additional leading banks that joined and made significant contributions to this transformative project.

Their combined efforts have established a secure, transparent, and efficient digital trade ecosystem.

On this momentous occasion, we extend our heartfelt appreciation to all partner banks for their unwavering dedication and steadfast commitment to innovation.

This achievement underscores Prime Bank PLC's commitment to digital innovation, laying the groundwork for a future in which trade operations are fully digital, paperless, and seamless.