Bank-backed blockchain trade platform launches in Singapore

Contour was set up by 8 banks including BNP Paribas, HSBC, and ING in 2018 

Singapore

Bank-backed blockchain trade platform launches in Singapore. Source: shutterstock.com

ING-backed blockchain trade finance platform Contour announced its launch into the $18 trillion global trade market.

The launch comes after live pilots in 14 countries and a global trial with more than 50 banks and corporates. 96% of participants said Contour would accelerate their letters of credit process, improve efficiencies and reduce costs.

Contour uses R3’s Corda blockchain network to digitalize the 400-year-old process of issuing and tracking letters of credit which is currently manual, costly, and time-consuming.

Contour provides a network where trusted information is shared in real-time, effectively digitalizing letters of credit across all users in the transaction. It is now available to provide a full commercial service to organizations looking to enhance their trade finance practices. We are now focusing on scaling the network with more banks, corporates and partners
Carl Wegner, Contour CEO

SEE ALSO: