Business Report :
Mercantile Bank PLC has successfully executed its first Inland Letter of Credit (LC) on a locally developed blockchain-based digital trade platform, marking a significant milestone in the bank’s digital transformation journey.
The initiative was conducted under a Proof of Concept (PoC) for the “Green LC,” enabling a secure, paperless and fully digital trade ecosystem.
One Bank PLC participated in the transaction as the beneficiary bank. The PoC was conducted in collaboration with Spectrum Software and Consulting Ltd. (SSCL).
This effort aligns with Bangladesh Bank’s directive (FE Circular No. 06, dated 14 January 2025), which encourages the adoption of electronic solutions throughout the LC process-covering transmission, advising, presentation, acceptance, and other related communications.
The successful PoC underscores Mercantile Bank’s commitment to trade digitisation and sustainability, says a press release.
