Blockchain trade finance platform Contour ready to launch in Hong Kong

AC

Andra Constantinovici

06 Mar 2020 / 5 Min Read

 

After completing over USD 30 million worth of letter-of-credit transactions in 2019 during its trial phase, the Contour blockchain trade finance platform is ready to be launched in the second half of the year. 

Besides HSBC and Standard Chartered, the other six banks that have invested in the new company include CTBC Holding, ING, Bangkok Bank, BNP Paribas, SEB, and Citi. In October 2019, Singapore launched its first blockchain-based trade finance platform. 

In China, blockchain-backed trade finance is already widely adopted. Around 170 banks in China have joined the blockchain platform spearheaded by the State Administration of Foreign Exchange to provide trade finance to their clients, according to data from the People’s Bank of China, cited by finews.asia.

Countries:
AC

Andra Constantinovici

06 Mar 2020 / 5 Min Read

sign up banner
the paypers logo

The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.

 

The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.

 



No part of this site can be reproduced without explicit permission of The Paypers (v2.7).

Privacy Policy / Cookie Statement

Copyright