1. YES BANK’s Industry-First Cross-Border Blockchain Transaction: YES BANK has successfully executed an industry-first cross-border live transaction in collaboration with Secured Logistics Document Exchange (SLDE), a blockchain-enabled platform supported by the Government of India. This milestone aligns with YES BANK’s commitment to developing a comprehensive digital trade ecosystem. The initiative leverages blockchain technology to enhance transparency, reduce trade-related costs, and expedite transaction turnaround times.
2. Digital Transformation of Trade Documents with SLDE: The Beta version of SLDE, initiated by the Government of India and the Ministry of Commerce & Industry, aims to replace physical exchange of trade documents with a digital onboarding mechanism. This transition streamlines the document exchange process, cutting down on delivery times for physical documents. Buyers can now initiate the goods release process promptly, reducing the risk of demurrage charges at ports.
3. YES BANK’s Role and Commitment to Digital Trade Ecosystem: Ajay Rajan, Global Head Transaction Banking Group at YES BANK, emphasized the significance of blockchain-enabled cross-border transactions on the SLDE platform. This groundbreaking move underscores YES BANK’s dedication to future-proofing digital trade finance services. The bank’s ongoing digitalization journey includes the development of a digital trade ecosystem based on the connected banking principle, featuring SMART Trade, a secure platform for online trade transactions.
4. Successful Digital Transaction with Mukka Proteins and Golden Beach Line: The inaugural cross-border digital transaction involved Mukka Proteins, a marine product manufacturer and exporter based in Mangaluru, and Golden Beach Line, an Oman-based trading company. Shipwaves Ltd. served as the forwarding agent for the transaction. The digital exchange of trade documents showcased the potential for reduced inefficiencies and delays in the logistics operations, contributing to the global trend of digitization in trade. Cargo Exchange India Pvt. Ltd., in collaboration with Oracle India Pvt. Ltd., facilitated the execution of the transaction on the cloud and blockchain-based SLDE platform.