DBS Bank Joins Blockchain Network Contour

DBS Bank Joins Blockchain Network Contour

 

DBS Bank joins the blockchain trade-finance network Contour.

Contour network is aimed to digitize international trade processes particularly with regard the creation, exchange, approval & issuance of letters of credit. Contour is set to be released in the end of the current year.

As The Business Times reports, DBS Bank is the 1st Singapore-based bank to join the network.

DBS is aimed to provide a fully digital end-to-end LC settlement process for its customers by using Contour’s digital solutions. The range of services include the transfer of electronic trade and title documents. This will help the bank to reduce the settlement time, paperwork & ease complex trade processes.

John Laurens, who is the group head of global transaction services at DBS Bank mentioned that this is a new approach in how different industries work by ensuring higher transparency, security & speed, as a result building sustainable trade ecosystems that are resilient in times of crisis.

 

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