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MUFG Bank Limited Completes Its First Fully-Digital Trade Finance Transaction with TIL at GIFT City.

Economy Business | Dated: 27 Feb 2025

In February 2025, Tokyo (Japan)-based MUFG Bank Limited, a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), completed its first fully digitalized trade finance transaction from its GIFT City Branch for a subsidiary of Tata International Limited (TIL), the global trading arm of the Tata Group.

🎯 Key Highlights:

  • - MUFG collaborated with the Singapore-based treasury center of TIL to process a USD 15 million Letter of Credit (LC) by utilizing the Contour Network Hub from Xalts.

💡 Other Important Facts:

  • (i) This digital process requires only three hours to complete, including smooth negotiation, preparation, application, and acceptance. In contrast, a traditional document-based approach typically extends the process to two days.
  • (ii) The digitization of this transaction demonstrates MUFG's dedication to technological integration in trade finance and marks a substantial improvement in trade efficiency. The bank continues to expand its transaction banking capabilities to provide better service to its customers.

📚 Test Your Knowledge:

Which bank recently completed its first fully-digital trade finance transaction with TIL at GIFT City?

Correct Answer: MUFG Bank Limited

🚀 Quick Recap: