Prime Bank completes POC, developed blockchain-based digital trade platform

Prime Bank PLC completed the Proof of Concept (POC) for the “Green LC”, executing country’s first Inland LC on a locally developed blockchain-based Digital Trade platform.

“Green LC” is Bangladesh’s first-ever locally developed digital trade platform, with Prime Bank issuing the inaugural LC transaction, according to a press release.

This milestone signifies a major leap in trade digitisation, paving the way for a fully digital, paperless, and seamless trade ecosystem.

Dhaka Bank PLC participated in this ground-breaking transaction as the beneficiary bank.

This initiative aligns with Bangladesh Bank’s directive (FE Circular 06, issued on January 14, 2025), encouraging financial institutions to adopt electronic solutions for all stages of LC transactions—including transmission, advising, presentation, acceptance, and subsequent processes.

Prior to this successful execution, Prime Bank PLC and technology partner Spectrum Software & Consulting (Pvt) Ltd took the initiative, and were subsequently supported by three additional leading banks that joined and contributed to this transformative project. Their combined efforts have established a secure, transparent, and efficient digital trade ecosystem.

This milestone reinforces Prime Bank PLC’s commitment to digital innovation, setting the stage for a future where trade operations are fully digital, paperless, and seamless.