Prime Bank executes Bangladesh’s first digital Inland LC on blockchain
Prime Bank PLC has successfully completed the Proof of Concept (POC) for "Green LC," executing Bangladesh's first Inland LC on a locally developed blockchain-based Digital Trade platform.
Marking a major step towards trade digitisation, Prime Bank issued the inaugural Letter of Credit (LC) transaction, while Dhaka Bank PLC acted as the beneficiary bank. The "Green LC" initiative aligns with Bangladesh Bank's directive (FE Circular 06, issued on January 14, 2025), which encourages financial institutions to transition towards electronic solutions for all stages of LC transactions, including transmission, advising, presentation, and acceptance.
The project was developed in collaboration with technology partner Spectrum Software & Consulting (Pvt.) Ltd. and was further supported by three leading banks, which played a significant role in establishing a secure, transparent, and efficient digital trade ecosystem.
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Prime Bank expressed gratitude to its partner banks for their dedication and commitment to financial innovation. This milestone underscores Prime Bank's efforts to pioneer digital solutions in trade finance, paving the way for a fully paperless, seamless trade ecosystem in Bangladesh.
