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BNI expect the remittance platform that will be built by Anquan to be efficient and cost effective for Indonesians who live outside their homeland. Last year, BNI’s remittance business reported a transaction volume of $74 billion, up 10% from 2016. The state-owned bank also looks forward to develop a Smart Letter-of-Credit (LOC) application based on the Anquan blockchain. The bank believes that a Smart LOC will put an end to the paper-intensive cumbersome process being followed presently. The Smart LOC, according to BNI, will enable exporters and importers to share business related information on a private distributed ledger and automatically process trade deals according to the terms mentioned in the smart contracts.
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