5th June 2023, Kathmandu
Standard Chartered Bank Nepal Ltd (SCBNL) and Contour, a digital trade finance network, joined forces to conduct a Blockchain knowledge-sharing session with Nepal Rastra Bank on June 2, 2023.
The session focused on the benefits of Distributed Ledger Technology (DLT) and its applications in trade finance, aiming to eliminate inefficiencies in the current system.
DLT has revolutionized global trade by establishing organized networks that enhance efficiency and reduce costs in trade financing.
By leveraging DLT, the letter of credit process undergoes a transformative shift, enabling a collaborative workflow that grants buyers and sellers instant access and real-time visibility to transactions, all within a connected platform.
These discussions proved fruitful and helped explore the potential advantages of DLT for Nepal, ultimately enhancing the country’s trade flow.
Contour, comprising leading trade banks and industry partners with a global presence, has been instrumental in addressing long-standing inefficiencies in global trade.
Through decentralized technology, Contour facilitates the integration of banks, corporates, and logistics partners on a common digital network in real-time, particularly in trade finance products such as letters of credit.
During the session, Joshua Kroeker, Contour’s Chief Product Officer, provided a technical overview of DLT and showcased how Contour’s multi-bank platform, built on Distributed Ledger Technology (R3 Corda), revolutionizes the client journey for import and export L/C transactions.
The presentation was followed by a demonstration of Contour’s platform, illustrating its practical applications.
Anirban Ghosh Dastidar, CEO of Standard Chartered Bank Nepal Ltd (SCBNL), expressed his satisfaction in spearheading this initiative in Nepal. Standard Chartered Bank is globally recognized for implementing various use cases of Blockchain, particularly in trade finance.
The meeting concluded with Govind Prasad Nagila, Director of Foreign Exchange Management, expressing gratitude to all participants from Nepal Rastra Bank, Standard Chartered Bank, and Contour for organizing this insightful event.
This collaboration between Standard Chartered Bank and Contour signifies a significant step toward embracing innovative technologies and driving positive change in trade finance, benefitting Nepal’s economy and enhancing its position in the global market.