Contour launches trade finance innovation lab in Singapore
By Leandra Monteiro
Contour has opened an innovation lab In Singapore where it will collaborate closely with its growing network of banks, corporates and ecosystem partners to research and develop novel, digitally native trade finance solutions.
The Future of Finance Lab will boost Contour’s mission to develop the digital infrastructure to address longstanding inefficiencies in trade by removing barriers, simplifying workflows, and making trade more accessible to all. The Lab is anchored in Singapore, leveraging its conducive environment for innovation, flourishing FinTech ecosystem and supportive regulations. Singapore also offers the strategic advantage of being a vibrant and important trade hub.
According to reports, Global trade is set to bounce back in 2021 following the pandemic, with an estimated growth in volume of 8%. Contour and its network are supporting this growth by building an end-to-end Trade Service that connects businesses, financiers and partners seamlessly across the financial and physical supply chains. The Lab will enable continued refinement and enhancement of this offering.
Beyond its fully digitised Letter of Credit (LC) service that is currently in live production, Contour will soon expand into other areas of trade finance to bring greater value to its members. It has formed an in-house development team to experiment with new trade product offerings and is expected to double the team size in the next year.
Carl Wegner, CEO at Contour said, “With the launch of the Future of Finance Lab, we are excited to further ramp up our innovation efforts as we develop the digital infrastructure for the industry, making trade more accessible, simple and efficient for all. Singapore is the perfect environment for innovation, and we look forward to collaborating with our network both locally and globally as we work together to build the future of trade.”
Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore (MAS) said, “Digitalising trade processes through an accelerated adoption of new technology and innovation has been a focus area in MAS’ fintech agenda. As we emerge gradually from the pandemic, we believe that various digital solutions and connectors interoperating seamlessly can make trade borderless, more efficient and hence, accelerate the recovery of global trade. We are delighted that Contour has chosen to anchor its Future of Finance Lab in Singapore and look forward to its further contribution to the digital trade ecosystem in Singapore and beyond.”
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