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Publisher: Maaal International Media Company
AlRajhi Bank has launched a new end-end cross-border digital trade solution for Letters of Credit (LC). This initiative is in partnership with Contour. The digital LC solution will offer a major advantage to AlRajhi Bank’s customers through reduced paperwork and enhanced efficiency by leveraging a decentralized technology for Trade digitalization.
Hossam AlBasrawi, Head of Corporate (Wholesale) Banking Group said “This innovative solution will significantly reduce the time required to issue and advise the letter of credit, in addition to submitting documents under the letters of credit. This move by Al Rajhi Bank will also contribute to the digitization and expansion of trade in the Kingdom in line with the objectives of Vision 2030 as it aims to simplify cross-border trade transactions that rely heavily on paperwork, thus enhancing the ultimate digital experience.
Contour is a blockchain based digital trade finance network consisting of banks, corporates and Trade ecosystem partners.