Contour, the digital trade finance network, announced that the Singapore office of MUFG Bank, which claims to be Japan’s premier bank is joining its growing digital network.
MUFG has a global presence “spanning around 50 markets, while its parent Mitsubishi UFJ Financial Group (MUFG) is one of the world’s leading financial groups.” As part of its digital transformation efforts and climate change-related initiatives, MUFG Singapore office is accelerating its progress “to go paperless at a robust pace.”
Manual, paper-based processes slow down trade growth “by adding a layer of complexity and costs.” By joining Contour’s network, MUFG customers will be able “to adopt a fully digital end-to-end Letter of Credit (LC) settlement process.” By using a digital LC, the process of presenting documents is “reduced to under 24 hours.”
Digital developments are crucial “to transforming the future of trade and supporting economic growth, at a time when there continues to be disruptions to global trade.” This comes as Japan, the world’s third largest economy emerged from “a recession and registered a faster-than-expected expansion in the first quarter of 2023.”
Carl Wegner, CEO at Contour said:
“We are delighted to welcome MUFG, a leading global financial group to our growing network of banks, corporates and trade ecosystem partners. Our vision is to create the trade finance network of tomorrow by leveraging technology to streamline and simplify complex trade finance processes. Contour’s partnership with MUFG will contribute to the expansion of MUFG’s trade in Asia with its key trading partners in the US, Europe, China and Southeast Asia.”
Belinda Han, Managing Director and Head of Transaction Banking for Asia Pacific said:
“Contour is a market-leading trade ecosystem and partnering it is consistent with MUFG’s ongoing commitment towards integrating digitalisation into driving strategic growth and enhancing the client experience. We look forward to leveraging Contour’s platform and expertise to deepen trade flows in Asia and across the world, while bringing our clients closer together through innovation and collaboration.”
