HSBC facilitates global steel industry first with blockchain trade finance deal between UAE and India
HSBC has successfully executed a blockchain-enabled, live trade finance transaction between the UAE’s Universal Tubes & Plastic Industries Ltd. and India’s Tata Steel Ltd. – a global first for the steel industry.
The Contour blockchain platform enabled end-to-end digitisation of the documentation required for Universal Tubes to import its order of flat carbon steel to the UAE from Tata Steel in India. The transaction is a real case scenario of the operational viability of blockchain as an alternative to conventional exchanges of paper-based documentation.
Sunil Veetil, Regional Head of Global Trade & Receivables Finance (GTRF) at HSBC, Middle East, North Africa and Turkey, said: “We are delighted with Universal Tubes’ and Tata Steel’s decisive action to conduct this trade over Contour, which reinforces the commercial and operational viability of blockchain and the Co
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Tata Steel, HSBC execute paperless trade transaction - The Hindu BusinessLine
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