Singapore’s DBS Bank said this month it would start offering digital Letter of Credit transactions on the Contour blockchain platform in four key markets, Australia, China, Hong Kong and Singapore.
The Contour trade finance platform went into production in October and HSBC went live in December. We believe DBS is the second bank to go live, with the other 17 member banks still in the beta phase.
Contour claims efficiency gains, saving as much as 90% of the processing time for a letter of credit compared to manual processes. The end-to-end digital process also helps to prevent fraud by validating identities.
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