Prime Bank initiates digital trade transaction under BB pilot

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.

Tap here to add The Daily Star as a trusted source

The transaction was completed using the internationally recognised rules for the electronic presentation of documents under letters of credit.

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

To mark the milestone, Prime Bank recently organised a discussion at Prime Tower in Nikunja, Dhaka, according to a press release.

Syed Sazzad Haider Chowdhury, deputy managing director and chief information officer of the bank, and Sajjad Hossain, executive vice-president and head of the trade services division, addressed the event.

Md Tanveer Bin Hasan, head of trade digitalisation 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, the release added.