Standard Chartered Bangladesh has completed the transmission of the country’s first ever fully paperless and digital cross-border Letter of Credit (LC), a press release said Tuesday.
The first client to complete a fully paperless application for Letter of Credit issuance is Heidelberg Cement Bangladesh Ltd.
The transaction was made possible by a recent amendment to the country’s Import Policy Order, advocated for by 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 to 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.
