DBS has become the first bank in Singapore to join the Contour blockchain trade finance network.
Built on R3’s Corda, Contour’s network focuses on elimating the paper work in the creation, exchange, approval and issuance of letter of credits.
It made its commercial launch in January after live pilots in 14 countries and a global trial with more than 50 banks and corporate which demonstrated the platform's ability to reduce the time it takes to execute the entire process of paper-based Letter of Credit from 5-10 days to under 24 hours.
Set up by eight banks, including ING, BNP Paribas and HSBC in 2018, Contour has seen its ranks swell over the last two years. Citi became the latest banking giant to take a stake in Contour in February.
Carl Wegner, CEO, Contour says: “Our network continues to grow. With more financial institutions joining the Beta Network, we are able to showcase the full potential that a blockchain solution can offer to trade finance. Efficiency in the LC issuance process is a vital part of upgrading the industry. Through our network, we can enable banks and corporates to leverage the shared transparency in the platform and manage information digitally which is even more important than ever for the trade finance industry.”