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DBS Bank joins R3's Corda blockchain trade-finance network Contour

Monday 11 May 2020 10:02 CET | News

DBS Bank has joined Contour’s network, which is built on blockchain technology company R3's Corda.

The platform aims to digitalise global trade processes such as the creation, exchange, approval, and issuance of letters of credit (LCs). Other participant banks within the network include BNP Paribas, Bangkok Bank, ING, HSBC, Standard Chartered, and Citi Ventures.

The Singapore-based bank will be able to tap Contour's digital solutions to provide a digital end-to-end LC settlement process for its customers, including the transfer of electronic trade and title documents.

Furthermore, corporate customers will also be able to conduct digital pre-issuance negotiations between applicant and beneficiary in real-time and share this with the bank post-endorsement for LC issuance.
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Keywords: letters of credit, blockchain, trade finance, banking, Singapore, R3, Corda, settlement, DBS Bank
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Singapore
This article is part of category

Banking & Fintech