StanChart Bank transmits Bangladesh's first ever end-to-end digital cross- border LC
DHAKA, July 05, 2022 (BSS) - Standard Chartered Bangladesh has recently
completed the transmission of the country's first ever fully paperless and
digital cross-border Letter of Credit (LC).
The first client for the Letter of Credit issuance is Heidelberg Cement
Bangladesh Ltd, said a press release.
The transaction was made possible by a recent amendment to the country's
Import Policy Order, advocated for Standard Chartered. As per the new order,
which was published on 24 April 2022 by the Ministry of Commerce, clients can
now apply for a Letter of Credit online using their bank's online portal.
There is no requirement for submit a signed physical copy of the LC
application. This change will facilitate international trade for the country
by making the LC application process simpler, faster, and more efficient.
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh
said, "Digitising trade is a critical lever to accelerate economic
development and improve productivity. We would like to thank the Ministry of
Commerce, the Chief Controller of Imports and Exports, Bangladesh Bank, and
everyone involved with the Import Policy Order for this timely revision."