Xalts acquires Contour Network

Following this announcement, the acquisition of Contour Network will enable Xalts in the process of accelerating digitalisation in trade and supply chain finance. The company will leverage Contour’s industry-standard workflows and integration in order to facilitate secure and efficient communication and transactions between businesses and financial institutions across the global network.

More information on the acquisition

Global trade has reached over USD 30 trillion in 2023, as the process of its digitalisation remains relatively minuscule, with less than 1% of companies being currently conducted digitally. Because of the difficulties, complexities, and different regulations that were involved in cross-border trade, a single payment may require up to 50 sheets of paper that were exchanged with up to 30 different stakeholders. This included importers, banks, financial institutions, exporters, logistics companies, and customs. 

Xalts will prioritise the process of expanding the scope of Contour’s network, which is currently leveraged by multiple banks, corporates, and FIs, and develop it into a rail that allows businesses to access digital services for trade and supply chain finance offered by fintech and technology partners. In addition, by combining its platform with Contour’s Network, participants and partners will be enabled to develop and deploy customised tools in a fast and secure manner. 

Throughout this deal, the initial focus for Xalts is set to be on embedded solutions for trade and supply chain finance, as it will also give banks, FIs, logistic companies, and technology firms the possibility to offer integrated tools to businesses by using a single platform. 

In addition, according to officials of Xalts, the platform will be leveraged in order to allow enterprises and institutions to develop and build new optimised applications and products by using blockchain and tokenisation. By integrating Contour’s expertise and suite of services, Xalts will also enable network members to work with them in order to launch applications in the industry. The deal will give the company the possibility to meet the needs, preferences, and demands of its customers, while also remaining compliant with the laws and regulatory requirements of the industries.