Bank Of Africa teams up with Singaporean Dltledgers in blockchain trading

BOA – Bank Of Africa. Credit: Mustapha Razi / Le Desk

Bank Of Africa (BOA) has partnered with Singaporean Dltledgers to support its clients in the digitization of international trade flows using blockchain technology.

“Technology is a differentiating factor in today’s competitive environment, both for companies and for banks. Dltledgers will enable BOA to offer its customers a new digital channel for processing Trade Finance transactions”, comments the international technology company in a press release.

“This strategic partnership will enable the banking group to facilitate international exchanges, improve the visibility of the underlying flows and enhance the customer experience”, adds the company, which highlights “closer trust between the bank and its customers” by digitizing the documentary exchanges of international trade operations using blockchain technology.

In Morocco, the OCP group is already using this technology developed by Dltledgers. Last March, the phosphate giant announced that it had completed $270 million in commercial transactions with Africa (mainly to supply phosphate fertilizer to Ethiopia) out of the 400 planned this year in partnership with the TDB bank.

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