DBS Bank expands digital trade finance on Contour platform

By Kate Birch
DBS Bank and Contour extend digital trade finance offerings to four key APAC markets for corporate customers – boosting resilience and efficiency...

DBS Bank has boosted its digitalisation extending its offerings on trade finance network Contour to corporate customers in four key Asia-Pacific markets – Australia, China, Hong Kong and Singapore.

Singapore-based DBS was the first bank to sign up to Contour’s beta network and completed the first fully digital Letter of Credit (LC) transaction on Contour last year. The bank has moved to Contour’s production network to offer streamlined digital LC transactions for customers, to help digitise global trade. 

Contour’s network focuses on digitising paper-based trade finance processes which can be expensive and time-consuming.

APAC is seen as a key region for digitisation of trade finance as banks and corporates seek to mitigate risk and enhance cost efficiency, including moving away from traditional paper-based LC processes.

Via Contour, which is also based in Singapore, DBS will be able to provide a fully digital end-to-end LC settlement process for customers in Australia, China, Hong Kong and Singapore, including the transfer of electronic trade and title documents – increasing efficiency in the process by up to 90%.

Digitised trade finance builds resilient ecosystem

“Our partnership with Contour aligns with DBS’ ongoing efforts to drive greater efficiencies in trade and unlock strategic value for our corporate customers,” said Sriram Muthukrishnan, Group Head of Trade Product Management, DBS Bank.

“We recognise that digitisation is a powerful enabler to simplify the highly complex nature of trade finance, especially for processes relating to letters of credit. Digitising trade processes is also an increasingly relevant and heightened priority for corporates to survive and thrive in the new normal and will form an integral component for resilient trade ecosystems of the future.”

Contour’s decentralised network increases security as it validates all identities and leverages technology partners to match trade documents to real-time data. Contour also offers a sustainable way for companies to reduce their carbon footprint.

“The addition of another major Asian bank to our production network highlights Contour’s growing presence in APAC as an industry standard for digitising trade finance documentation,” said Carl Wegner, CEO at Contour. 

“DBS has been an important partner for Contour in our work to support Singapore’s position as a key trading hub and has already participated in a number of successful transactions on our network. We’re delighted to facilitate its transition to offering live services to customers in these four markets. This is another important step on our journey to becoming the new digital end-to-end infrastructure for global trade.”

Share

Featured Articles

People Moves: Pine Labs, Deutsche Bank, McKinsey, Fortinet

Pine Labs names former Amazon exec as chief people officer, Fortinet hires government affairs leader for APAC, McKinsey India poaches Accenture HR exec

Dialight envisions a world of industrial safety with LEDs

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Must-see speakers at TECH LIVE LONDON 2022 event

Technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force are among the 80-plus speakers at upcoming TECH LIVE LONDON

Vodafone Business cyber leader Kawalec speaks at Cyber LIVE

Leadership & Strategy

Twitter timeline – how Musk pulled off a hostile takeover

Leadership & Strategy

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

Leadership & Strategy