This partnership allows Vietnamese corporates to be a part of online negotiation and streamlined management of Letters of Credit with counterparties in Asia, Europe, the Middle East, and the US. Contour is an open trade finance network that involves industry-wide collaboration and blockchain technology.
Built on R3's Corda, Contour's network is focused on overhauling the Letter of Credit (LC) issuance process. Traditional LCs are paper-based, time consuming to process, and costly. By digitising LCs on a blockchain network, the processing time and cost involved can be reduced. With the current socio-economic climate, the need for further efficiency in the market has grown even more apparent, according to the official press release.
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