Nanjing Iron & Steel Group

Vale and Nanjing Iron & Steel complete transaction on Contour’s blockchain network

Nanjing |Iron & Steel

Today our client, Contour, announced a new transaction on its network between Vale and Nanjing Iron & Steel. This was the latest of a series of transactions between Nanjing and its various trading partners, indicating there’s a growing momentum and appetite for digital trade finance solutions within the industry.

The details

Vale, a newcomer to the network, acted as the seller of iron ore, and was supported by Standard Chartered Bank. In turn, Nanjing Iron & Steel was the buyer, and was supported by DBS Bank on their side of the trade. The transaction brought together both new and existing participants, showcasing Contour’s expansion as well as the value of their solution – as some corporates and banks are now conducting their second transaction on the network.

Carl Wegner, CEO at Contour, said:

“It’s clear from the recent transactions that there is an increasing demand for our offering to the market. With Vale joining as a new member of our network, we’re continuing to change the way international trade is conducted. Our growing presence in the iron ore market serves to highlight the need for an effective solution to traditional trade finance processes. We’ve always looked to develop a solution that is for the entire industry – not for a few participants. The continued support of our members such as DBS, Standard Chartered Bank and Nanjing Iron & Steel Group International Trade Co., Ltd. only serve to highlight how in demand this technology is and the benefits it provides.”

Digitising global trade

As lockdown eases across the world, and organisations adapt to social distancing and remote working, countless practises within international trade – such as the reliance on paper and manual processes – will come under greater scrutiny. Businesses will seek to find more innovative ways of managing trade finance documentation, and a digital solution – such as Contour’s – is rapidly becoming the more viable option.

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