PermataBank and Chandra Asri completed first blockchain technology trade finance transaction
JAKARTA - After launching trade finance transaction using blockchain technology, PermataBank completed another milestone by successfully executing its first cross-border transaction between Indonesia and Thailand.
PermataBank partners with Bangkok Bank PLC (Thailand) supported Letters of Credit issuance of PT Chandra Asri Petrochemical Tbk in Indonesia to their supplier. This transaction was completed on the Contour network within several hours compared to the traditional paper-based method. All parties achieved a significant efficiency improvement from digital information exchange, process streamlining, and transaction traceability.
Darwin Wibowo, Director of Wholesale Banking at PermataBank, said, “The successful transaction through blockchain technology with Chandra Asri is an achievement as well as a new breakthrough for the trade financing process in Indonesia. This is in line with our strategy to expand business scale by synergizing with Bangkok Bank and strengthening the business model by digitizing that benefits customers' needs. We are grateful for the trust given by Chandra Asri to this new technology that we have implemented.”
Blockchain technology applied in trade finance transactions will optimize global trade that is easier, more efficient, and safer for cross-border and domestic letters of credit. This technology will help corporate customers maximize resources and improve cash flow. (LM)