Labtex marks FinTech milestone with fully digital letter of credit

Labtex is among the first UK companies to complete a fully digital letter of credit (LC) transaction, executed entirely through the WaveBL blockchain platform and facilitated by Lloyds Bank alongside a major Indian bank.

The transaction, carried out without paper documentation, demonstrates a major advance in trade finance, replacing weeks-long processing cycles with near-instant digital exchanges. By moving from couriered paperwork to secure blockchain-based submissions, businesses can now transmit and amend trade documents in real time, reducing delays, cutting costs, and increasing transparency.

While banks’ verification processes remain rigorous, the ability to share and resubmit documents instantly removes one of the biggest bottlenecks in cross-border trade. The shift reflects a broader move toward connected, technology-driven commerce that keeps pace with the speed of modern business.

The milestone supports the ambitions of the India–UK Comprehensive Economic and Trade Agreement (CETA), which aims to deepen bilateral trade and double its value to US$120 billion by 2030. Digital transactions like this are expected to reduce friction and promote faster, more secure trade between the two countries.

Surath Sengupta, Head of Transaction Banking Products at Lloyds Bank, said: “UK businesses are increasingly recognising how digital innovation can unlock growth opportunities. By enabling documents to be presented instantly, this technology removes delays and accelerates access to finance — a crucial step toward the future of trade.”

Ofer Ein Bar, VP Financial Institutions at WaveBL, added: “The same digital leap that transformed how money is transferred is now reshaping trade finance. Manual steps and long waits are being replaced by transparent, connected digital flows — and this transaction shows what’s possible.”

Sherida Hepplestone, Admin Manager at Labtex Ltd, commented: “The process was quick, simple, and far more cost-effective for everyone involved. From electronic presentation to receipt of funds took just four days, representing a major step forward in efficiency.”

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