Contour has announced that Citi will join its trade finance network, increasing the number of banks that have invested in network as part of an industry-wide global collaboration effort. This investment through Citi Ventures will help Contour continue to grow as it develops the open network to create seamless trade and digitise the process.
This announcement comes as Contour moved into full commercialisation of its offering last month after two years of pilots in 14 countries. Established in Singapore, Contour is now operating as a fully independent entity, welcoming banks and corporates into its beta network.
Contour’s network focuses on improving the letters of credit (LoCs) process. Traditionally paper based, Contour digitises LoCs to allow banks and corporates improved efficiency and greater transparency by building connectivity and trust between all parties in the transaction. This is achieved by using R3’s Corda blockchain and a growing partner ecosystem.
“With international trade being of such significant importance for the global economy, with trillions of dollars’ worth of goods in circulation, proper financing is vital for its continued growth,” said Carl Wegner, CEO of Contour. “Our network provides trusted information in real-time, digitising the process for all users. To have a major global trade player such as Citi join us is a huge validation of the work we are doing and allows us to continue creating greater efficiency for the industry.”
“The Contour team has a trusted background and is partnering with a strong consortium to help digitise letters of credit,” added Luis Valdich, managing director of Citi Ventures. “Citi Ventures is thrilled to support Contour as it pursues its exciting vision.”
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