Standard Chartered Bank partners with Contour to conduct a Blockchain knowledge sharing session for Rastra Bank

Kathmandu / Standard Chartered Bank Nepal Ltd (SCBNL) in partnership with Contour, a digital trade finance network, arranged a Blockchain knowledge sharing session for Nepal Rastra Bank on 2 June, 2023. During the programme, benefits of Distributed Ledger Technology (DLT), its use cases and how it can help trade finance by removing the inefficiencies of the current system were discussed.

Distributed Ledger Technologies (DLT) are transforming global trade into highly organised networks to help improve efficiency and reduce cost in trade financing. The use of DLT for trade transforms the letter of credit process by managing the entire end-to-end process in a collaborative workflow, giving buyers and sellers instant access and real time visibility of the transaction, all on one connected platform. The interactions were extremely fruitful and helped brainstorm the potential benefits of DLT for Nepal that could contribute to improve the country’s trade flow.