NDB paves the path to digitalisation with TradeLens

CEYLON TODAY | Published: 2:00 AM Dec 4 2021

The electronic Bill of Lading (eBL) facilitated by Blockchain underpinned in the TradeLens platform will contribute to digitalise manual, time-consuming, paper-based shipping and logistics processes, while also contributing towards greater ease of doing international trade business across supply chains for stakeholders.

NDB Bank, recently, signed up with ‘TradeLens’, a Blockchain platform jointly developed by Maersk and IBM, as the first Bank in Sri Lanka to provide digital trade finance to customers.

Joining hands with the world’s most expansive blockchain supply chain network, NDB will gain access to critical trade data to help automate manual verification processes, drive transparency, simplify compliance and streamline financial processing and settlement. Several global Banks across the trade finance space are turning to TradeLens for a new way of handling documentary trade, supply chain finance and compliance.

“Connecting with stakeholders and sharing information, without any risks of security and privacy breach is a driving force of holistic digitalisation. As the first bank in Sri Lanka to unlock the potential of Tradelens ecosystem, we are committed to a more secured and robust supply chain network with our customers. It’s never been this easy before to fulfill the credit needs of our customers,” said Sanjaya Perera, Senior Vice President - Personal Banking and Customer Experience of NDB Bank, adding “We are happy to partner ‘Tradelens’ to implement the solution and I am sure this will assist all our trade customers, especially exporters to connect with global buyers seamlessly and bring in the much- needed foreign exchange to the country.”

CEYLON TODAY | Published: 2:00 AM Dec 4 2021

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