Saudi Arabia executes first blockchain trade finance transaction – ITP.net

Saudi Arabia executes first blockchain trade finance transaction – ITP.net

Saudi Arabian Taajeer Group, the exclusive agent for MG cars in the Kingdom has utilised the Blockchain enabled Contour platform in its importing of cars from China. HSBC, Chinese SAIC Motor, and KSA Taajeer group executed a successful blockchain enabled trade finance transaction on the Contour platform.

This is a regional first for the automotive sector and a first in KSA.

Contour is a digital trade finance network that is building a global standard for trade by bringing together the world’s banks, corporates and ecosystem partners, onto a common, digital, and trusted network.