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\tBRAC Bank has reduced export document processing time from 40 days to just one by completing Bangladesh\u2019s first fully digital, end-to-end export documentary collection for a ready-made garment shipment to the United Kingdom, the bank said.<\/p>\n
BRAC Bank completed Bangladesh’s first fully digital, end-to-end export documentary collection for a garment shipment to the UK, cutting document processing time from 40 days to one using blockchain technology and electronic trade documents.
\nThe transaction involved NAZ Bangladesh, Matalan and Lloyds Bank, the bank said.<\/p>\n
The transaction involved a shipment by NAZ Bangladesh Limited, a corporate client of BRAC Bank, to UK-based fashion retailer Matalan. BRAC Bank acted as the remitting bank in Bangladesh, while Lloyds Bank served as the collecting bank in the UK.<\/p>\n
The process used blockchain technology and Enigio\u2019s digital trade documentation solution to create and transfer original trade documents electronically, including an electronic bill of lading (eBL) and a digital promissory note. A global shipping company issued the electronic bill of lading, while Digital Trade Works coordinated the transaction among the participating organisations.<\/p>\n
Unlike conventional documentary collection processes, which involve physically transferring documents between banks and other parties, the digital transaction enabled all required documents to be exchanged electronically. Document processing was completed within one day, compared with the conventional 40-day timeframe cited for the transaction, BRAC Bank said in a press release. The bank clarified that the time saving applied specifically to document processing, not the entire export or payment cycle.<\/p>\n
The digital process also improved transaction visibility and enabled secure document transfers, reducing the risk of documents being lost, delayed or altered without authorisation. The transaction was completed within the applicable regulatory framework, with support from Bangladesh Bank’s initiatives and guidance on digital trade documentation.<\/p>\n
Tareq Refat Ullah Khan, managing director and CEO of BRAC Bank,<\/strong><\/em> said the transaction marked a significant step in accelerating digital trade in Bangladesh.<\/p>\n He said the initiative demonstrated how technology could speed up working capital cycles, reduce documentation delays and improve the global competitiveness of Bangladeshi exporters. Supporting the growth of the ready-made garment (RMG) sector and the country’s export economy remained a strategic priority for the bank, he added.<\/p>\n Nasir Uddin Ahmed, managing director of NAZ Bangladesh Limited,<\/strong><\/em> said the digital transaction would improve efficiency and transparency in international trade, benefiting the company’s operations and customers.<\/p>\n Surath Sengupta, managing director and head of transaction banking products at Lloyds,<\/strong><\/em> said replacing paper-based processes with secure digital documentation could accelerate trade flows, improve transparency and reduce operational friction.<\/p>\n He said the UK-Bangladesh trade corridor demonstrated the potential for digital trade solutions to improve working capital efficiency and make cross-border supply chains more resilient.<\/p>\n Alex Waites, chief sales officer of Enigio, <\/strong><\/em>said the transaction demonstrated that fully digital documentary collection was commercially viable and could be scaled across the UK-Bangladesh corridor and other markets.<\/p>\n Su Ashworth, head of trade finance at Matalan, <\/strong><\/em>said moving to a paperless process with a key supplier in Bangladesh had helped streamline inventory management and reduce the risk of shipment delays. She said faster digital document transfers also supported the retailer’s efficiency and sustainability objectives.<\/p>\n Merisa Lee Gimpel of Digital Trade Works<\/strong><\/em> said digitising all documents involved in the collection, including the bill of lading and promissory note, enabled the reduction in processing time from 40 days to one. She attributed the transaction’s completion partly to Bangladesh Bank’s regulatory guidance and initiatives on digital trade documentation.<\/p>\n For Bangladesh’s RMG sector, which relies heavily on efficient international trade processes, wider adoption of electronic documentation could reduce administrative costs, improve transaction transparency and strengthen relationships with overseas buyers, BRAC Bank said.<\/p>\n It would continue exploring digital trade solutions to help Bangladeshi businesses conduct international transactions more efficiently and strengthen their competitiveness in global markets, the bank added.<\/p>\n
<\/p>\n Fibre2Fashion News Desk (CG)<\/p>\n
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