Prime Bank PLC has initiated Bangladesh’s first digital trade transactions under a pilot programme of Bangladesh Bank, allowing trade documents to be exchanged electronically through approved international trade channels.
The bank completed the transactions using the electronic presentation of documents rules under Electronic Uniform Customs and Practice for Documentary Credits (eUCP) Version 2.1, according to a statement issued on Thursday.
Prime Bank also initiated the country’s first digital documentary collection transaction under Electronic Uniform Rules for Collections (eURC), making it the first bank in Bangladesh to complete both digital trade processes under the pilot arrangement.
The initiative removes reliance on physical document exchange in international trade transactions and is expected to make trade processing faster and more efficient.
Prime Bank highlighted the milestone at a discussion session held recently at Prime Tower in Nikunja. Deputy Managing Director and Chief Information Officer Syed Sazzad Haider Chowdhury and Executive Vice President and Head of Trade Services Division Sajjad Hossain addressed the session.
Head of Trade Digitalisation and Innovation Md Tanveer Bin Hasan and Head of LC Processing Tamim Anam shared their experience in structuring the digital transactions and discussed how digital trade solutions can improve speed, security and efficiency in cross-border business.
The bank said the move is part of its broader effort to modernise trade services, improve customer experience and support Bangladesh’s transition towards a paperless trade ecosystem.
