MB successfully executes blockchain-enabled trade finance transactions 08:00 | 12/12/2020
Military Bank (MB) has become a leading bank in Vietnam to successfully execute the complete life cycle of two blockchain-enabled import letters of credit (LCs) over the CONTOUR network.
Instead of implementing the process on different systems, MB and Bangkok Bank (Thailand) have pioneered the application of blockchain technology, allowing the entire process of delivering Letters of Credit (LCs) services, from LC issuance to documents presentation and documents status notifications, to be proceeded on one unified network, CONTOUR. Stakeholders, including exporters, importers, issuing bank, and advising/presenting bank, are permitted to execute transactions on one network.