Completes Bangladesh\u2019s first fully digital export documentary collection using blockchain and electronic bill of lading<\/p>\n\n\n\n
Dhaka : The transaction marks a significant step toward paperless international trade, showing how digital technology can help Bangladeshi exporters reduce delays, improve efficiency, and manage working capital more effectively.<\/p>\n\n\n\n
The transaction involved NAZ Bangladesh, a corporate client of BRAC Bank, exporting ready-made garments to UK-based fashion retailer Matalan. BRAC Bank acted as the remitting bank in Bangladesh, while Lloyds Bank served as the collecting bank in the United Kingdom.<\/p>\n\n\n\n
Using Enigio’s solution, the participating organisations electronically created and transferred original trade documents, including an electronic bill of lading (eBL) and a digital promissory note. A global shipping company issued the eBL, while Digital Trade Works coordinated the transaction among the participating organisations.<\/p>\n\n\n\n
Unlike conventional documentary collection processes, which involve sending physical documents between banks and other parties, this transaction enabled the required documents to be transferred electronically.<\/p>\n\n\n\n
As a result, document processing was completed in just one day by using blockchain, compared with the conventional 40-day timeframe cited for the transaction. The improvement relates specifically to document processing, rather than the entire export or payment cycle.<\/p>\n\n\n\n
The digital process also enabled secure document transfers and improved transaction visibility, reducing the risks of documents being lost, delayed or altered without authorisation.<\/p>\n\n\n\n
Commenting on the achievement, Tareq Refat Ullah Khan, Managing Director & CEO of BRAC Bank, said: \u201cFrom 40 days to just one: BRAC Bank is redefining the pace of digital trade in Bangladesh.
We are proud to be the first bank in Bangladesh to complete a fully digital, end-to-end export documentary collection using blockchain technology and an electronic Bill of Lading (eBL).
This milestone demonstrates how technology can accelerate working capital cycles, reduce documentation delays and enhance the global competitiveness of Bangladeshi exporters.<\/p>\n\n\n\n
\u201cSupporting the growth of the RMG sector and the country\u2019s export economy remains a strategic priority for BRAC Bank. Through Enigio\u2019s solution and collaboration with our partners, we are making cross-border trade faster, more secure and transparent. We sincerely appreciate Bangladesh Bank\u2019s forward-looking guidance in enabling this achievement. At BRAC Bank, innovation is meaningful when it creates measurable value for our clients and the economy.\u201d<\/p>\n\n\n\n
Nasir Uddin Ahmed, Managing Director, N A Z Bangladesh Limited, said: \u201cAs a leading garment exporter, speed and reliability are paramount to our business. The successful completion of this digitally executed transaction with Matalan and our banking partners is a major milestone. It proves that the future of trade is paperless and that we can achieve greater efficiency and transparency in our international dealings, directly benefiting our operational bottom line and our customers.\u201d<\/p>\n\n\n\n
Surath Sengupta, Managing Director, Head of Transaction Banking Products, Lloyds, said:
\u201cThis transaction demonstrates how digital trade can deliver tangible benefits for businesses today. By replacing paper-based processes with secure digital documentation, we’ve shown how trade flows can move faster, with greater transparency and significantly less operational friction.\u201d
“The UK-Bangladesh corridor demonstrates the opportunity digital trade presents across global supply chains. Creating the ability to digitise flows at scale represents a significant opportunity to reduce processing times, improve working capital efficiency and make cross-border trade simpler and more resilient for businesses.\u201d
\u201cThe reduction from a 40-day process to within a single day highlights the potential for digital trade to improve cash flow, strengthen supply chains and support international commerce at scale.\u201d<\/p>\n\n\n\n
Alex Waites, Chief Sales Officer of Enigio, said:
\u201cThis transaction shows what digital trade looks like when it moves from concept to commercial reality. Working alongside partners like Matalan, BRAC Bank and Lloyds, we’ve proven that a fully digital documentary collection isn’t just technically possible, but it also delivers tangible value that can be scaled easily, turning a 40-day cycle into a single day. That’s the kind of measurable impact that will drive adoption across the UK\u2013Bangladesh corridor and well beyond, and we’re excited to help more banks and corporates unlock it.\u201d<\/p>\n\n\n\n
Su Ashworth, Head of Trade Finance, Matalan, said:
\u201cThe retail supply chain demands speed and flexibility. Moving to a fully paperless flow with a key supplier in Bangladesh is a critical step to achieve this. The significant time saving gained by moving documents digitally \u2013 rather than waiting for a physical courier \u2013 has allowed us to streamline our inventory management and reduce the risk of shipment delays. This reinforces our commitment to efficiency and sustainability, and in turn delivers a better service for our end customers.<\/p>\n\n\n\n
Merisa Lee Gimpel, Digital Trade Works, said:
\u201cDigital trade only works when every party moves together, and every document has to move with them. Digitizing every document in this collection, including the Bill of Lading and the Promissory Note, is what took the process from 40 days to one. Bangladesh Bank’s circulars this year made that possible, and it is regulatory groundwork like this that will take digital trade from pilots to scale.\u201d<\/p>\n\n\n\n
The transaction was completed within the applicable regulatory framework, supported by Bangladesh Bank’s initiatives and guidance on digital trade documentation.<\/p>\n\n\n\n
For Bangladesh’s ready-made garment sector, which depends heavily on efficient international trade processes, wider adoption of electronic documentation could help reduce administrative costs, improve transaction visibility and strengthen relationships with overseas buyers.<\/p>\n\n\n\n
BRAC Bank thanked N A Z Bangladesh, Matalan, Lloyds Bank, Enigio, Digital Trade Works and the participating shipping company for their collaboration.<\/p>\n\n\n\n
The bank will continue exploring digital trade solutions that help Bangladeshi businesses conduct international transactions more efficiently and compete more effectively in global markets.<\/p>\n\n\n\n
-Press Release<\/p>\n","protected":false},"excerpt":{"rendered":"
Completes Bangladesh\u2019s first fully digital export documentary collection using blockchain and electronic bill of lading Dhaka : The transaction marks a significant step toward paperless international trade, showing how digital technology can help Bangladeshi exporters reduce delays, improve efficiency, and manage working capital more effectively. The transaction involved NAZ Bangladesh, a corporate client of BRAC […]<\/p>\n","protected":false},"author":1,"featured_media":10967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-10966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"\n