CargoX | EBRD and QNB ALAHLI accelerate trade finance digitalisation with a trial of Contour digital trade finance network with integrated CargoX Platform
Home
Why The CargoX Platform
Videos
Platform Help Login Register
Menu
Exporting to Egypt? Prepare for Egyptian ACI NOW. Start here

EBRD and QNB ALAHLI accelerate trade finance digitalisation with a trial of Contour digital trade finance network with integrated CargoX Platform

Feb. 24, 2022, noon

(London - 24 February 2022) - The CargoX Platform for Blockchain Document Transfer (BDT) was used in three test transfers of letters of credit on the digital trade finance network Contour, conducted by the European Bank for Reconstruction and Development (EBRD) and QNB ALAHLI, one of the largest commercial banks in Egypt. The EBRD has designated digitalization as one of three priorities for the next five-year framework. 

Processing large amounts of paper-based documents, as required by a letter of credit in global trade, is slow, cumbersome, and can result in delays. The performance of the exporter and importer is tied to the documents requested in a letter of credit. 

The payment is transferred after the buyer’s bank requests the document from the seller and verifies that the submitted documents are in compliance with the documentary credit terms set by the buyer, and the rules of the letter of credit. This can include a commercial invoice, a bill of lading, a packing list, a certificate of origin, an inspection certificate, an insurance certificate, a health certificate or a phytosanitary certificate, a consular invoice, a draft or bill of exchange, and other documents.

“The EBRD has designated digitalisation as one of three main priorities under its current five-year Strategic and Capital Framework. As part of this approach, the EBRD is partnering with digital solution providers and banks to support digitalisation in trade finance in and beyond the economies where it operates,” said the official statement of the EBRD.

Read the full press release for a step-by-step explanation of how the documents are performed fully digitally.


View full press release

Other press releases

CargoX enters into partnership with ConsolFreight, an advanced collaborative cargo consolidation platform
4 Dec 2018
CargoX partners with ConsolFreight, a platform for cargo consolidators and co-loaders that interconnects them to slash costs and transit times, as the combined traffic of all members together contributes to the collective savings.
CargoX at the CryptoFinance conference
3 Dec 2018
CargoX visited CryptoFinance, Norway’s largest blockchain event, organized by Bitspace, a technology company that specializes in blockchain and exponential technology.
CargoX presented at the OceanX Network platform launch
29 Nov 2018
The OceanX Network was officially launched at the Ritz-Carlton hotel in Dubai, UAE, accompanied by the CargoX platform. CargoX and OceanX Network partnered in July 2018 to set new standards of excellence in the shipping trade.
CargoX wins the #DataccioConnect Blockchain Innovation Award in Dubai
22 Nov 2018
(Dubai - 21 November 2018) - CargoX wins the #DataccioConnect Blockchain Innovation Award at the Dataccio Connect congress in Dubai, where maritime business traditionalists and enthusiasts discuss the latest trends in technology.
CargoX at the NY Supply Chain Meetup - The world is a supply chain
19 Nov 2018
The CargoX platform was presented at the New York Supply Chain Meetup, a public group consisting of nearly 1,500 members who make up a part of The Worldwide Supply Chain Federation.
The CargoX neutral platform presented at the TOC Americas conference to digitalization aware audience
19 Nov 2018
The CargoX platform was presented to hundreds of attendants at the prestigious TOC Americas conference in Panama, where the conversation focused on the challenges and realities of the transforming the shipping landscape.
Financial Times/RSG shortlisted Cargox at 2018 Intelligent Business Awards
15 Nov 2018
CargoX was shortlisted at the Financial Times/RSG 2018 Intelligent Business Awards. The awards ceremony was held at the 2018 Intelligent Business Forum in San Francisco on November 14th.
First In The World: CargoX’s Blockchain Platform Is Open for Business
14 Nov 2018
(Ljubljana, Hong Kong - 14 November 2018) - CargoX is launching the CargoX platform today to become the first open, neutral, and accessible blockchain platform in the shipping industry. The platform can be used by businesses of any size, and it was recently selected as the winning innovation at the IRU World Congress among 77 startups after a presentation in front of over 1000 attendees from more than 60 countries. CargoX was also shortlisted at the Financial Times 2018 Intelligent Business Awards.
Financial Times/RSG shortlists Cargox at 2018 Intelligent Business Awards
13 Nov 2018
CargoX is shortlisted at the Financial Times/RSG 2018 Intelligent Business Awards. The awards ceremony will be held at the 2018 Intelligent Business Forum in San Francisco on November 14th.
CargoX Monthly Review - October
13 Nov 2018
October was so intense, with all the preparations for the go-live of the CargoX platform, that we almost forgot to send this monthly review! So, here is November … we are in the middle of it, but we feel that the big bang is coming!

Your free demo session with our experts

Please fill out the form below, and we will get back to you as soon as possible.

Trying to download the logo?

We have a better idea! Find high quality visuals in our press kit section.

Visit press kit