Prime Bank has become the first Bangladeshi bank to join Singapore’s TradeTrust ecosystem, enabling it to use electronic trade documents designed for trusted and interoperable exchange across systems and borders.
The bank has been recognised as a TradeTrust-Ready Partner, demonstrating its readiness to use TradeTrust-enabled electronic documents for cross-border digital trade, Prime Bank said on Wednesday.
TradeTrust, developed by Singapore’s Infocomm Media Development Authority, is an open-source framework that enables electronic trade documents to be exchanged across different systems and borders.
Prime Bank said the recognition could help local and international traders reduce courier delays and costs while speeding up cross-border transactions.
“This recognition proves that our trade infrastructure meets the world’s digital benchmarks, empowering local and international traders to eliminate courier delays, lower costs and accelerate cross-border commerce,” Prime Bank Deputy Managing Director and Chief Information Officer Syed Sazzad Haider Chowdhury said.
The bank recently held a commemorative session at Prime Tower in Nikunja to mark the recognition.
Prime Bank Head of Trade Digitalization and Innovation Md Tanveer Bin Hasan discussed the future of digital trade at the event.
Head of Trade Sajjad Hossain, Head of LC Processing Tamim Anam and Export Head Mohammad Rafiqul Islam were also present.
