Contour successfully executes Bangladesh’s first blockchain transaction

Our client Contour recently worked with Standard Chartered Bank to successfully execute Bangladesh’s first blockchain transaction by issuing a Letter of Credit (LC) for Viyellatex Ltd.

Contour provides a distributed trade network enabling an enhanced degree of collaboration across the main elements of Trade with all participants leveraging the network to create and renew Trade data in real-time.  Built on R3’s Corda blockchain, Contour improves data transparency, removes administration costs and reduces friction in global trade: all of this leading to an overall increase in efficiency and reduction in costs for all parties.

Bangladesh’s first blockchain transaction

For this transaction, Viyellatex Ltd, one of the country’s leading ready-made garments exporters, imported textile items from Viyellatex Spinning.  Standard Chartered Bank acted as the Issuing Bank for the Applicant, as well as the Advising Bank for the Beneficiary of the LC. The entire transaction was paperless and completed digitally through Contour’s network.

Standard Chartered benefitted from Contour’s network which simplifies the LC process, delivering shorter settlement times, instant discrepancy resolution and simplified sanctions screening. This is the latest in a number of transactions on the Contour network, showcasing the company’s growing presence as a leader in trade finance digitisation.

Carl Wegner, CEO of Contour said:

“Global trade lacks a solution that drives out inefficiencies, improves data transparency and enables interoperability between all trade participants. The long-established elements of trade finance don’t have sufficient integration, ultimately causing friction and unnecessary administration. These inevitably cause significant barriers for global trade growth, adding complexity, increasing cost and delaying the process for both banks and corporates. The Contour network can overcome these issues, providing a consistent and reliable infrastructure for global trade to flourish especially in countries like Bangladesh that counts on LCs for a significant part of their trade volumes. The recent transaction with Viyellatex Ltd serves to prove that a solution is out there and readily available for adoption. It’s also hugely positive to have Standard Chartered introducing this revolutionary technology for trade in Bangladesh and we’re proud to be a part of the first transaction in the country.”


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Contour welcomes Citi into trade finance network

Today Contour has announced that Citi will join its trade finance network, increasing the number of banks that have invested in Contour as part of an industry-wide global collaboration effort. This investment through Citi Ventures will help Contour continue to grow as it develops the open network to create seamless trade and digitize the outdated process.

This announcement comes as Contour moved into full commercialisation of its offering last month after 2 years of successful pilots in 14 countries. Established in Singapore, Contour is now operating as a fully independent entity, welcoming banks and corporates into its beta network.

Contour’s network focuses on improving the Letters of Credit (LoCs) process. Traditionally paper based, Contour digitises LoCs to allow banks and corporates improved efficiency and greater transparency by building connectivity and trust between all parties in the transaction. This is achieved by using R3’s Corda blockchain and a growing partner ecosystem.

Carl Wegner, CEO, Contour said: “Seeing greater collaboration from leading financial institutions shows how important revolutionising the trade finance network is. With international trade being of such significant importance for the global economy, with trillions of dollars’ worth of goods in circulation, proper financing is vital for its continued growth. Our network provides trusted information in real-time, digitising the process for all users. To have a major global trade player such as Citi join us is a huge validation of the work we are doing and allows us to continue creating greater efficiency for the industry.”

Luis Valdich, Managing Director of Citi Ventures said: “The Contour team has a trusted background and is partnering with a strong consortium to help digitize Letters of Credit. Citi Ventures is thrilled to support Contour as it pursues its exciting vision.”

Click here to learn more about our other trade finance based clients.