, APAC
191 view s
Photo courtesy of Jonas Leupe.

Citi Bangladesh completes pilot paperless trade finance transaction in TradeLens

The process resulted in a 10-day reduction of document processing time.

Citi Treasury and Trade Solutions (TTS) Asia Pacific has completed its pilot paperless trade finance transaction using the TradeLens platform.

TradeLens is a blockchain-based shipping platform jointly developed by IBM and GTD Solution, a subsidiary of shipping company AP Moller-Maersk. It provides shippers, cargo owners, freight forwarders, banks and carriers with an end-to-end solution for processing the issuance, transfer, and surrender of original bills of lading, according to Citi.

Under the transaction, Citi Bangladesh facilitated the import of agrochemical products from India to Bangladesh using an entirely paperless process.

ALSO READ: Citibank launches Citi Plus in Singapore

The process also resulted in a 10 day reduction of document processing times, front he usual 20 to 25 days, reducing costs related to paperwork, postage, port demurrage, and transport. 

Digitized documents included the electronic Bill of Lading issued directly  from the carrier as well as the Commercial Invoice, Packing List, and Certificate of Origin.  

Follow the link s for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!