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Contour partners with ThoughtWorks to enhance digital trade finance in China

By Leandra Monteiro

March 24, 2021

  • China
  • Contour

Contour, China, ThoughtWorks, Singapore, trade finance, blockchain, dlt, Tainan Spinning, Century Synthetic Fiber Corporation, Taiwan, VietnamContour, the global trade finance network, has partnered with international software consultancy ThoughtWorks in China. With this move Contour’s marks another milestone in its expansion in the region and in the digitisation of international trade.

Through this partnership, Contour will leverage ThoughtWorks’ software expertise and familiarity with the enterprise solutions landscape in China to help its local clients integrate seamlessly with the Contour Network.

Clients will be able to avail of Chinese language-supported integration services specific to their enterprise systems and improved user experience and connectivity. At the same time, ThoughtWorks will make available the blockchain-based trade finance solution to its clients to help them get over challenges arising from digitisation. The partnership will also help users extend their business reach abroad and stay competitive in the global economy.

Furthermore, this partnership will expand Contour’s existing presence in China and offer Chinese banks and corporates greater accessibility to cross-border trade on the network. Recently, Contour signed its first Chinese production bank, and an iron ore company, Xiamen ITG, announced a successful cross-border RMB-denominated LC transaction with Rio Tinto on the Contour Network.

Carl Wegner, CEO at Contour said, “We’re excited to expand our footprint in China and are eager to connect more Chinese corporates and banks with their foreign trade counterparts. Since 2019, we have successfully facilitated multiple RMB-denominated LC transactions on our pilot and beta networks. We’re definitely seeing a voracious appetite for trade digitisation in China. By combining our innovation with ThoughtWorks’ experience in the banking sector in China, we strive to deliver the full value of the Contour Network in China and to help local corporates and banks realize their full potential in the global trade ecosystem.”

Song Zhang, CEO at ThoughtWorks China said, “We’re keen to help Contour realise its vision of digitising global trade. The traditional, paper-based trade finance industry is more than ripe for a thorough digital transformation. As global trade begins its steady recovery from the pandemic, this also presents an opportunity for the industry to build back with fewer barriers and greater efficiency.”

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