BSS :
Standard Chartered Bangladesh has recently completed the transmission of the country’s first ever fully paperless and digital cross-border Letter of Credit (LC).
The first client for the Letter of Credit issuance is Heidelberg Cement Bangladesh Ltd, said a press release.
The transaction was made possible by a recent amendment to the country’s Import Policy Order, advocated for Standard Chartered. As per the new order, which was published on 24 April 2022 by the Ministry of Commerce, clients can now apply for a Letter of Credit online using their bank’s online portal.
There is no requirement for submit a signed physical copy of the LC application. This change will facilitate international trade for the country by making the LC application process simpler, faster, and more efficient.
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh said, “Digitising trade is a critical lever to accelerate economic development and improve productivity. We would like to thank the Ministry of Commerce, the Chief Controller of Imports and Exports, Bangladesh Bank, and everyone involved with the Import Policy Order for this timely revision.”
