Today, DBS Bank joined the Contour trade finance blockchain network to streamline letter of credit transactions for its customers, a Business Times report said. Previously known as Voltron or Letter of Credit blockchain, Singapore-based Contour had a beta launch earlier this year.
As of 2019, DBS Bank had total assets of S$579 billion ($409 billion) and is among Asia’s top banks. It has deep experience in leveraging blockchain for trade finance. DBS is also the first Singapore bank to join the Contour blockchain, which is digitizing the letter of credit processes such as creation, exchange, approval, and issuance.
Letter of credit (LoC) transactions are heavy on paperwork and require extensive document verification. Paper documents are generally couriered separately from the shipment, which could result in delays and introduces scope for fraud. It is a relatively complicated process and commonly used by larger organizations.
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