Contour, the global trade finance network, has today announced a completed pilot transaction between Tainan Spinning and Century Synthetic Fiber Corporation.
This news highlights the ongoing advantages of Contour’s blockchain network and showcases the growth of the business in Vietnam and Taiwan.
CTBC Bank, a founder bank of Contour, was the advising bank in the LC transaction, supporting Tainan Spinning. The importer, Century Synthetic Fiber Corporation was supported by Vietnamese-based HDBank who acted as the issuing bank. HDBank is the first Vietnamese based bank to have accomplished the full import LC transaction flow from issuance to presentation and settlement. This transaction marks the first time HDBank has utilised the network, and the first time CTBC Bank has worked with Contour introducing the network to the textile industry.
Contour’s inaugural work with two leading textile companies showcases the benefits the network holds for traditional industries. Through supporting this transaction flow, Contour is building a new global standard - removing barriers in the trade ecosystem and better supporting the opportunities for collaboration. Contour’s decentralised network allows all parties to have visibility of the trade while also ensuring that no single organisation - including Contour - controls all the data. This ensures that both banks, importers and exporters have improved visibility without compromising security.
Carl Wegner, CEO at Contour said: "As the world adapts to social distancing and post-COVID life, traditional methods of doing business will quickly be incompatible. The inefficient paper-based processes which have plagued international trade for decades are not fit for purpose. Instead, the future of trade will be without barriers, allowing collaboration across the entire trade ecosystem. The recent transaction has shown how our network can deliver for banks of varying sizes and across different industries. As we move into 2021, we aim to further these goals, delivering an inclusive trade environment for all.”