ADB closes on pilot blockchain-based trade financing

Asian Development Bank’s (ADB) Trade and Supply Chain Finance Program, in partnership with Standard Chartered Bank Thailand and the Bank for Investment and Development of Vietnam (BIDV), has completed its first credit guarantee using distributed ledger technology. The deal financed a $50,000 shipment of plastics by Thailand’s SCG Plastics Co to Vietnam’s Opec Plastics in August and was supported by Contour Pte, a Singapore-based company that facilitates trade finance digitization.