HSBC leads Malaysia's first blockchain letter-of-credit deal

Debbie Mak, country head, global trade and receivables finance, HSBC Malaysia; Stuart Milne, CEO, HSBC Malaysia and Andrew Sill, country head, commercial banking, HSBC Malaysia at HSBC’s media briefing on Malaysia’s first live pilot blockchain letter-of-credit transaction.

KUALA LUMPUR: HSBC has pioneered the country's first blockchain transaction with the execution of a letter-of-credit (LC) deal which involved the import of resin by Malaysia’s Simply Packaging Sdn Bhd (Simply Packaging) from a Singaporean company.

It said on Monday both active players in the packaging and chemicals industry respectively. HSBC Malaysia was the issuing bank and HSBC Singapore was the advising/nominated bank.