Permata Bank Uses Blockchain Technology for Trading Transactions –  Bank Permata is now using blockchain technology and has completed the first cross-border transaction between Indonesia and Thailand. The Company cooperates with Bangkok Bank PLC (Thailand) to assist PT Chandra Asri Petrochemical Tbk in Indonesia in issuing Letter of Credit (LC) to suppliers.

The LC issuance process which previously required communication between the buyer, seller, Issuing Bank, and Beneficiary Bank through several systems, can now be carried out through one platform, resulting in much faster end-to-end processing times and real-time monitoring.

Darwin Wibowo, Director of Wholesale Banking at PermataBank, said that the successful transaction with Chandra Asri used technology blockchain is an achievement as well as a game changer for Indonesia's trade finance process.

"This is in line with our goal of increasing the size of the company through collaboration with Bangkok Bank and improving the business model through digitization that benefits client demand," he said in an official statement released Friday (19/11). Permata Bank Using Blockchain Technology

According to Andre Khor, Finance Director of Chandra Asri, PermataBank and Bangkok Bank will pioneer the first cross-border LC blockchain transaction from Indonesia using Contour, a unique fintech platform. This is an important step towards radical simplification and reorganization of traditional trade finance procedures.

“This initial blockchain transaction is the latest technology in the Chandra Asri Digital Transformation Program. As a significant industry player, we are happy to pursue innovations that will accelerate industrialization and integration, thereby driving economic development”' he said.

Bank Permata Issues Payment Documents to Chandra Asri With Blockchain Technology

Chandra Asri is the largest integrated petrochemical company in Indonesia and operates the only naphtha cracker in Indonesia, which produces olefins (ethylene and propylene), pyrgas and mixed C4, polyolefins (ethylene and propylene), styrene monomer, butadiene, and methyl tert-butyl. Ether (MTBE) & Butene-1.

Chandra Asri can cut processing time by automating the issuance of letters of credit using Blockchain technology, in line with the company's goal to incorporate new technologies and undertake digital transformation to maintain its world-class standards.

PermataBank is the first bank in Indonesia to effectively conduct trade finance transactions using blockchain technology. PermataBank developed this technology in collaboration with Contour, a blockchain-based startup serving more than 80 banks and businesses in 17 countries in Asia, the Middle East, and Europe.

According to Abdy D. Salimin, Director of Technology and Operations PermataBank, PermataBank continues to invest in appropriate technology capabilities to solve customer problems.

The use of blockchain technology in trade finance together with Contour demonstrates our continued dedication to providing the best banking experience that fulfills our brand promise of being easy, fast and reliable.

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