Contour, a Singapore-based blockchain network, recently announced it a completed pilot transaction between Tainan Spinning and Century Synthetic Fiber Corporation. Contour reported CTBC Bank, a founder bank of Contour, was the advising bank in the LC transaction, supporting Tainan Spinning. The importer, Century Synthetic Fiber Corporation was supported by Vietnamese-based HDBank who acted as the issuing bank.
Contour further revealed through supporting this transaction flow, it is building a new “global standard” and removing barriers in the trade ecosystem and better supporting the opportunities for collaboration.
“Contour’s decentralised network allows all parties to have visibility of the trade while also ensuring that no single organisation – including Contour – controls all the data. This ensures that both banks, importers and exporters have improved visibility without compromising security.”
Speaking about the transaction, Carl Wegner, CEO of Contour, stated:
“As the world adapts to social distancing and post-COVID life, traditional methods of doing business will quickly be incompatible. The inefficient paper-based processes which have plagued international trade for decades are not fit for purpose. Instead, the future of trade will be without barriers, allowing collaboration across the entire trade ecosystem. The recent transaction has shown how our network can deliver for banks of varying sizes and across different industries. As we move into 2021, we aim to further these goals, delivering an inclusive trade environment for all.”
Founded in 2019, Contour claims it is building the “world’s open trading finance network.” The company then explained:
“By focusing on collaboration and leveraging new technologies we are dissolving the barriers to seamless trade. Our networks of banks, corporates, services and partnerships enable the instant flow of trusted data across the world’s trade routes and current fragmented ecosystems.”