Akbank accomplishes ‘digital first’ live transactions on we.trade’s digital trade platform
DUBLIN, 21 APRIL 2022
Akbank open up new digital trade corridors using smart contracts for their clients, with Akbank offering Bank Payment Undertaking (BPU) on the we.trade platform. we.trade announced a breakthrough in the Turkish market when Akbank became the first Turkish bank to join the we.trade member bank consortium back in November 2021. Akbank is an important leading bank in Turkey and trade partner, with international exposure, involvement in trade finance and an appetite for innovation that propelled Akbank's decision to join we.trade.
The ‘digital first’ international trade transaction was made between Bemo Grup Teknolojik Sistemler San Tic Ltd Şti, a Turkish authorized distributor of Medical, Optovue, Reichert, Optos, Shin Nippon, Stereo Optical, and Micro Medical Devices Turkey, and a leading exporter of innovative medical laser and ultrasound solutions in France.
In his statement, Executive Vice President of Akbank SME Banking, Bülent Oğuz
said, “Being the first Turkish bank to adopt the we.trade platform, a platform which works with blockchain infrastructure, we are excited to execute our first transaction. In this transaction, we approved a Bank Payment Undertaking (BPU) on a smart contract with our SME client Bemo Grup on the we.trade platform.
This trade, which was previously executed by opening a deferred letter of credit between two companies, was carried out in a much easier way over we.trade”
“We foresee that blockchain technology and smart contracts reduce the reliance on physical documents, as well as eliminating the operational workload of traditional business models. We offer a fast, easy and transparent digital experience in foreign trade for our customers in a reliable environment provided by this technology. We believe that these innovative solutions will also contribute positively to the digital transformation of companies that export or plan to export and by facilitating their access to financing in foreign trade”Atila Koçak, CEO of Bemo Grup
, who performed the first transaction on the we.trade platform, said, “With we.trade, foreign trade transactions are very easy, safe and more importantly fast. It is a system that can eliminate all the problems that we experienced previously during the whole documentation process with letters of credit. Through this innovative solution by Akbank, it is exciting to manage our foreign trade transactions in such an easy way. I wish we could meet and trade with all our counterparties we work with on the we.trade platform”
"we.trade thanks Akbank and Bemo Grup for engaging on this digital journey together with the we.trade platform as its foundation. May this be the catalyst for many more transactions in the future.”, says Mark Cudden, we.trade Chief Technology Officer
For further information
Marketing Department, Alan Fitzsimons, we.trade Tel: +353 87 6666800 or firstname.lastname@example.org
we.trade Innovation DAC (we.trade) is a joint-venture company owned by 12 banks, technology provider IBM and CRIF, a global commercial credit and business information provider. The company was started with nine banks in January 2017 under the project name, Digital Trade Chain, and was officially renamed as we.trade in October 2017. we.trade has developed a digital trade platform based on the Linux Foundation’s Hyperledger Fabric and runs on the IBM Blockchain Platform. The we.trade digital platform delivers reliability, simplicity and security to global trade transactions across trade finance and logistics. Clients can register for we.trade via an existing we.trade member bank.
Akbank’s core business is banking activities, consisting of corporate and investment banking, commercial banking, SME banking, consumer banking, payment systems, treasury transactions and private banking, and international banking services. The mission of the Bank is to create superior and sustainable value for all stakeholders through innovation and reliable financial services. Akbank has built itself on strong foundations of financial performance and sound governance, always leading innovative initiatives at the forefront of banking in Turkey.
For more information: https://www.akbank.com/