Bangladesh City Bank has held the first letter of credit on the Contour blockchain
The International Islamic Trade Finance Corporation (ITFC) and Bangladeshi City Bank have completed a letter of credit deal on the Contour blockchain. The transaction was carried out in accordance with Sharia law. The cross-border L / C transaction was facilitated by the ITFC unit specializing in trade finance under the Murabaha agreements. The letter of credit was issued on behalf of Debonair Group, a Bangladeshi apparel manufacturer, with Hong Kong-based trading company Apparel Link. The…
