back Back

Contour blockchain network completes transaction between Rio Tinto and Guangxi Shenglong Metallurgical

By Edil Corneille

September 16, 2020

  • Asia
  • Contour
Share

Contour, logo, Singapore, trade financeSingapore-based Contour has announced a transaction on its blockchain network between Rio Tinto and Guangxi Shenglong Metallurgical, thereby digitising the trade finance process.

China CITIC Bank processed import Letter of Credit (LC) on the Contour network to meet the needs of its client – Guangxi Shenglong Metallurgical. Guangxi Shenglong Metallurgical has joined Contour as a new buyer on the network. Rio Tinto, together with its advising/ presenting bank, DBS Bank, has also been executing a steady pipeline of transactions on the network since May 2020.

This latest trade of iron ore is said to have benefited from an enhanced degree of collaboration that Contour’s network offers. All parties have the autonomy to control and manage their data as they use the blockchain network. Counterparties access the information to advance the transaction to the next stage.

Carl Wegner, CEO, Contour said, “Our expansion continues to showcase the merits of a blockchain network for trade finance. Thanks to the continuous support by our members, and with China CITIC Bank piloting our network, we are changing the way trade finance is conducted. Our goal as a network is to create a unified solution to the barriers within trade finance…”

An LC forms a kind of financial bridge to facilitate a transaction, adding trusted banks and a trusted global process in between a buyer and seller with conflicting demands. Digitisation of trade is the answer here, and the LC has long been seen as the product set to benefit the most from this transformation.

Sriram Muthukrishnan, Group Head of Trade Product Management, DBS Bank said, “…The value proposition for blockchain is its ease of use and transparency of information on goods, transactions and participants across the entire trade ecosystem. Its immutable properties offer validation that there has been no corruption of the data, enhancing trust between counterparties and banks providing trade finance – which is increasingly critical in the challenging environments we operate in today.”

ALSO, READ: Blockchain Technology in Financial Services Report 2020

Previous Article

September 16, 2020

Square launches On-Demand Pay & Instant Payments features

Read More
Next Article

September 16, 2020

dLocal raises $200 mn investment, becomes Uruguay’s first unicorn

Read More








IBSi Daily News Analysis

March 22, 2024

Asia

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 28, 2024

Tempo France suspends classical remittances, to focus on DeFi

Read More

March 28, 2024

HID & Santander team to secure mobile banking with authentication technology

Read More

March 28, 2024

Sandbox Banking & Plaid to enhance identity verification and banking solutions

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023