KCN STANDARD CHARTERED – FIRST CROSS-BORDER TRANSACTION
Standard Chartered has completed its first cross-border blockchain letter of credit transaction in the oil industry with oil giant PTT Group. The company announced this on August 7. As stated in the official release: “Standard Chartered Bank has successfully executed a pilot transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited, paving the way in transforming documentary trade with the first cross-border Letter of Credit (LC) issued over the Voltron blockchain platform in the oil industry. This pilot involved the shipment of an oil product from Thailand to Singapore. Standard Chartered was able to digitise and simplify the end to end exchange of information between all parties in the transaction on the Voltron platform, including the issuance, advising and negotiation of LC and presentation of documents. As the documents were sent electronically, all trade participants can view real time updates on the progress of the transaction.” The news release partner STEX.com.