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PermataBank Introduces Trade Finance Service with Blockchain Technology

Trade finance is a financing facility for domestic and international trade transactions

PT Bank Permata Tbk (PermataBank) officially introduced a trade finance services using blockchain technology. It is said that PermataBank is the first bank to serve trade finance transactions using blockchain technology in Indonesia.

In order to deliver blockchain, PermataBank is collaborating with Contour Network, which is a technology network provider company for global trade finance. In Southeast Asia, some banks have been using Contour technology, including HSBC, Standard Chartered Bank, and Bangkok Bank.

Trade finance is a financing facility for domestic and international trade transactions. The use of blockchain allows data transactions to be carried out in a decentralized system in real-time with the concept of a distributed ledger.

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