Standard Chartered Bank ("the Bank") has completed its first blockchain-enabled cross-border trade transaction in Singapore for Agrocorp International ("Agrocorp") and its extended supply chain network.

Standard Chartered completed the trade finance transaction on Distributed Ledger Technologies Pte Ltd's ("dltledgers") blockchain technology platform for Agrocorp to facilitate the trading of agricultural products within the agri-commodity company's supply chain from Australia to Bangladesh. This blockchain technology, which enables parties in the supply chain network to be connected and their trade documents to be generated digitally, streamlines the documentation process and provides security and transparency for involved participants.

The transaction was completed within 24 hours, significantly reducing the time it could have taken (between five to seven days). The blockchain platform also provides Agrocorp's customer BSM Global, a large-scale trader and distributor in Bangladesh, with information including the origin of commodities purchased and farming practices used. Such capabilities enable companies to source from farmers according to their own sustainability principles.

Ujjwal Jain, head of trade, transaction banking, Singapore, Standard Chartered Bank, says, "To add value to our clients with increasingly global and complex supply chains, Standard Chartered continues to provide innovative financing solutions to help their business grow. Our ability to connect with blockchain-powered platforms such as dltledgers', enables the Bank to support our clients' entire supply chain and provide seamless trade financing within a day. This helps free up cash flow and working capital which our clients and their supply chain can reinvest into their business. The transparency of the whole process also helps build trust and loyalty across the supply chain to promote more cost-efficient products and services. This is a win-win for all parties."

Singapore is the largest commodities trading hub in Asia, housing over 400 global, regional, and local commodities players across the value chain. As trade with Asia grows, and with more trades being conducted during the Asian time zone, Singapore's status as a commodities trading hub will continue to strengthen and solidify.

Vishal Vijay, head of business development at Agrocorp, says, "We operate in an increasingly competitive landscape and the onus is on us to offer our customers trust, transparency, and efficiency."

Says Samir Neji, founder and CEO of dltledgers, "Standard Chartered is the first bank that has successfully completed a cross-border supply chain trade finance transaction using dltledgers' blockchain platform to deliver all these capabilities. We are confident that this platform will continue to be an important tool to enable transactions to be more efficient, secure, and transparent."