Akbank made its first trade on the we.trade platform!

Last November, it took a major step in the digitization of foreign trade, taking part in the presence of Europe’s leading banks. Akbank, the first Turkish bank to join the we.trade platformsuccessfully completed its first trade on this platform. In the transaction executed on the we.trade platform, Akbank pioneered the opening of new digital trade corridors by issuing a Bank Payment Promise (BPU) on behalf of its client. While the platform offers credit guarantee and financing to exporters in the blockchain environment, it also offers a secure and digital payment guarantee to importers.

Akbank SME Banking Deputy General Manager Bülent Oguz said: “We.trade, which works with the blockchain infrastructure, offers payment guarantees. first Turkish bank aspect executing the first transaction we are excited. We have given our BPU bank payment obligation to the smart contract that our SME customer Bemo Group created on the we.trade platform for import. This trade, which used to be done with a forward letter of credit between 2 companies, has become much easier via we.trade.

We predict that blockchain technology and smart contracts will reduce reliance on physical documents and eliminate the operational workload in traditional business models. In the trusted environment that this technology provides, we provide our customers with a fast, convenient and transparent digital experience in foreign trade. We believe that these innovative solutions will make a positive contribution to the digital transformation and access to finance of our exporting or exporting businesses.”

Bemo Group CEO Atila Koçak, who made the first transaction on the we.trade platform, said: “I can say that foreign trade transactions with we.trade are very easy, safe and above all fast. It is a system that can eliminate all the problems that can arise with the document process and document that we encountered in the letter of credit that we used in foreign trade before. With this innovative solution from Akbank, it is also nice to know that foreign trade is at our disposal and to manage. I wish we could meet and do business with all the companies we work with on the we.trade platform.” said.

Mark Cudden, we.trade CTO, said: “We would like to thank Akbank and Bemo Group for choosing we.trade on this digital journey. We hope that this transaction will pave the way for many more transactions in the future.”

Source: (BHA) – Beyaz News Agency