Bank-backed blockchain trade platform launches in Singapore

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


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

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