Yesterday, Vietnam’s HDBank said it joined the Contour trade finance blockchain platform for improving the Letter of Credit issuance to its clients. It is the first Vietnamese bank to join the Contour network, previously known as Voltron.
As of December 2019, HDBank had total consolidated assets of VND 229 trillion ($9.8 billion). The bank is joining Contour to offer trade finance services to corporates in Vietnam. Launched earlier this year, Contour is digitizing the letter of credit process, which involves a lot of paperwork.
“The focus with our network has always been to establish a neutral platform that all different types of banks and corporates can use for trade finance transactions,” said Carl Wegner, CEO, Contour. “To fully unlock the potential of what enterprise blockchain can bring to trade finance, banks and corporates need to be able to collaborate and forge new connections.”
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