Prime Bank initiates first digital trade transaction

Prime Bank PLC has initiated Bangladesh's first digital trade transaction under a pilot programme introduced by Bangladesh Bank.

The initiative allows trade documents to be exchanged electronically through approved international trade corridors, reducing the need for paper-based documentation, says a press statement.

The transaction was initiated using the internationally recognised rules for electronic presentation of documents under Letters of Credit (eUCP Version 2.1).

Prime Bank also initiated the country's first digital documentary collection transaction under the rules for electronic presentation under documentary collections (eURC), making it the first bank in Bangladesh to initiate both digital trade processes under the pilot programme.

To mark this milestone, Prime Bank organised a discussion session recently at Prime Tower in Nikunja. The session was addressed by Syed Sazzad Haider Chowdhury, Deputy Managing Director and Chief Information Officer, and Sajjad Hossain, Executive Vice President and Head of Trade Services Division.

Md. Tanveer Bin Hasan, Head of Trade Digitalization and Innovation, and Tamim Anam, Head of LC Processing, shared their experience of structuring the digital transactions and discussed how digital trade can make international business faster, safer and more efficient.

By initiating these digital trade transactions, Prime Bank has taken another important step towards modernising international trade in Bangladesh. The initiative reflects the Bank's commitment to innovation, improving customer service and supporting the country's transition to a more efficient and paperless trade ecosystem.