SCBNL collaborates with Contour to host a Blockchain knowledge exchange session for NRB
The talks were incredibly successful and aided in the brainstorming of potential DLT benefits for Nepal that might assist boost the country's commercial flow.
KATHMANDU: Standard Chartered Bank Nepal Ltd (SCBNL) organized a Blockchain knowledge sharing workshop for Nepal Rastra Bank (NRB) on June 2, 2023, in collaboration with Contour, a digital trade finance network.
The benefits of Distributed Ledger Technology (DLT), its use cases, and how it might aid trade finance by eliminating inefficiencies in the current system were covered during the event.
Distributed Ledger Technologies (DLT) are changing global trade into highly organized networks, which will aid in improving efficiency and lowering costs in trade financing.
DLT for trade transforms the letter of credit process by handling the complete end-to-end process in a collaborative workflow, providing buyers and sellers with quick access and real-time visibility of the transaction, all on a single connected platform.
The talks were incredibly successful and aided in the brainstorming of potential DLT benefits for Nepal that might assist boost the country’s commercial flow.
Contour was formed by prominent trade banks and industry partners with a global footprint (live in 20 institutions in 50+ countries) to address long-standing trade inefficiencies.
Contour uses decentralized technology to bring the world’s banks, corporations, and logistical partners onto a shared digital, trusted network in real time, transforming trade finance products such as letters of credit.
Joshua Kroeker, Chief Product Officer of Contour gave a technical overview of DLT and explained how Contour’s multi-bank platform leverages on Distributed Ledger Technology (R3 Corda) to transform the client journeys for import and export L/C transactions. This was followed by a demo of Contour’s platform.
Anirban Ghosh Dastidar, CEO, Standard Chartered Bank Nepal Ltd (SCBNL) shared, “Standard Chartered Bank is one of the leading banks in the world in implementing various use cases of Blockchain including Trade finance and expressed his pleasure in leading this initiative in Nepal.”
Govind Prasad Nagila, Director of Foreign Exchange Management ended the meeting by thanking all the participants from Nepal Ratra Bank and Standard Chartered Bank and Contour for organising the event.
