Singapore-based multinational banking firm DBS Bank has joined the blockchain trade-finance network Contour, built over R3’s Corda.
On May 11 The Business Times reported that DBS Bank is the first bank from Singapore to join the network.
DBS Bank joins blockchain trade-finance network Contour https://t.co/Uvi2CtiYpb — The Straits Times (@STcom) May 11, 2020
The bank looks forward to digitizing its end-to-end letters of credit settlement process through the platform’s blockchain solutions. It aims to reduce settlement time, decrease paperwork, and simplify the trading process.
Contour will also help DBS’s corporate customers conduct real-time digital pre-issuance negotiations between applicants and beneficiaries. This will help increase the accuracy of the issue letters of credit.
Contour was founded by major institutions such as:
BNP Paribas
Bangkok Bank
ING
HSBC
Standard Chartered
Citi Ventures
Real-time tracking and audit trails of transactions will add transparency and prevent or resolve discrepancies more effectively.
The group head of global transaction services at DBS Bank, John Laurens, said:
It’s about transforming the way industries work by providing greater transparency, security and speed to build sustainable trade ecosystems that are able to weather the peaks and troughs of economic cycles and are resilient in times of crisis.
Source: Cointelegraph | Image: Unsplash
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