Chandra Asri and PermataBank Completed the First Blockchain Technology Trade Finance Transaction in Indonesia

On 19 November 2021, PT Chandra Asri Petrochemical Tbk and PermataBank successfully launched a trade finance transaction using blockchain technology as a breakthrough for the trade financing process in Indonesia. PermataBank partners with Bangkok Bank PLC (Thailand) supported Letters of Credit issuance of Chandra Asri in Indonesia to their supplier. This transaction was completed on the Contour network within several hours compared to the traditional paper-based method. All parties achieved a significant efficiency improvement from digital information exchange, process streamlining, and transaction traceability. In implementing this technology PermataBank collaborates with Contour, a blockchain-based company that provides services to more than 80 banks and companies across 17 countries in Asia, the Middle East, and Europe. This market-leading transaction marks the latest milestone of Chandra Asri’s Digital Transformation Program which can drive national economic growth.