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HSBC facilitates global steel industry first with blockchain trade finance deal between UAE and India

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 blockchai ....

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UAE's Universal Tubes and India's Tata in world's first blockchain-led trade finance for steel

Dubai: The first blockchain-based trade finance deal in the global steel industry has been struck – and it involves a UAE-based business.
The transaction was done by UAE’s Universal Tubes & Plastic Industries Ltd. and the Indian metals giant Tata Steel. It involved Universal Tubes importing its order of flat carbon steel to the UAE from Tata Steel’s India base. The transaction, with HSBC Bank overseeing it, confirms the “operational viability of blockchain as an alternative to conventional exchanges of paper-based documentation”.
It was done over the ‘Contour’ blockchain platform in which HSBC is a founding shareholder. “We are confident this will pave the way for widespread adoption by other clients, counterparties and industries, many of whom we are already in talks with,” said Sunil Veetil, Regional Head of Global Trade & Receivables Finance (GTRF) at HSBC. ....

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UAE's Universal Tubes, India's Tata Steel execute blockchain trade finance deal

UAE's Universal Tubes, India's Tata Steel execute blockchain trade finance deal
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HSBC facilitates first blockchain transaction for steel between UAE, India

HSBC facilitates first blockchain transaction for steel between UAE, India
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The Contour blockchain platform enabled end-to-end digitisation of the documentation required to import flat carbon steel
by Zainab Mansoor
April 21, 2021
HSBC has executed a blockchain-enabled, live trade finance transaction between UAE’s Universal Tubes & Plastic Industries and India’s Tata Steel.
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 was the first integrated paperless letter of credit and eDocs transaction for a steel export globally, and the first end-to-end paperless trade combining electronic bills of lading and digitised letter of credit in the steel commodity ....

Sunil Veetil , Peeyush Gupta , Tubes Plastic Industries , Tubes Plastic Industries Ltd , Tata Steel , Plastic Industries , Universal Tubes , Middle East , North Africa , Universal Tube , Anil Taurani , Plastic Industries Ltd , பீயுஷ குப்தா , டாடா எஃகு , நெகிழி தொழில்கள் , நடுத்தர கிழக்கு , நெகிழி தொழில்கள் லிமிடெட் ,