British banking giant Standard Chartered (SC) has made an undisclosed investment in Singapore-based blockchain network Contour.
The blockchain-based open industry platform aims to digitise and modernise the trade finance market by altering the previously paper-intensive ways of working.
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It offers a network to improve processing time for letters of credit.
It digitised the complete process starting from the issuance of LCs to confirmation and documentation presentation.
The digitisation allows all trade participants to view real-time updates on the progress of their transaction.
Standard Chartered said that Contour will initially focus on digitising the process of creating, exchanging, approving, and issuing letters of credit.
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By GlobalDataContour, which is backed by leading trade finance banks, has recently gone into full commercialisation. Prior to the launch, the platform conducted pilots in 14 countries.
It recently also appointed, Carl Wegner as its CEO. Standard Chartered is one of the founding members of Contour.
Standard Chartered transaction banking global head Lisa Robins said: “Our investment into Contour underscores our commitment to forge partnerships and solve common industry challenges – taking the paper out of the process while improving speed and accuracy.
“With our footprint across the world’s fastest-growing trade corridors, we have the unique opportunity to support our clients in achieving a more sustainable supply chain, by improving access to financing through paperless trade and simpler processes.”
Last year, the bank partnered with SAP Ariba to make its supply chain solutions accessible to businesses in the Asia Pacific region.
The latest investment follows Standard Chartered’s recent investment in supply chain finance platform Linklogis.
In August last year, Standard Chartered Bank opened a new innovation lab in China in a bid to further drive fintech innovation.
