HSBC has executed a blockchain-enabled, live trade finance transaction between UAE’s Universal Tubes & Plastic Industries and India’s Tata Steel. The Contour blockchain platform enabled end-to-end digitisation of the documentation required for Universal Tubes to import its order of flat carbon steel to the UAE from Tata Steel in India. The transaction also incorporated essDOCS’ CargoDocs solution, enabling the transfer of the title of goods alongside the letter of credit. A founding shareholder in Contour, HSBC was the first bank to join the platform as a full production member in December 2020, a statement said. Peeyush Gupta, VP (steel marketing and sales), Tata Steel, added: “Adoption of this platform is in line with our objective of agility and enabling a faceless yet trustworthy all-time interface to better customer experience.

Source: The North Africa Journal April 21, 2021 09:11 UTC