DBS Bank joins blockchain trade-finance network Contour

SINGAPORE - DBS Bank has joined Contour's network, which is built on blockchain technology company R3's Corda and digitalises global trade processes such as the creation, exchange, approval and issuance of letters of credit .

DBS will be able to tap Contour's digital solutions to provide a fully digital end-to-end LC settlement process for its customers, including the transfer of electronic trade and title documents. This will help to shorten the settlement time, reduce paperwork and simplify complex trade processes. "Joining Contour's growing ecosystem of banks and partners aligns with DBS' ongoing efforts to drive greater efficiencies in trade and unlock strategic value for its corporate customers," the lender noted.

Ok but the system you mention has no block and no chain

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DBS Bank joins blockchain trade-finance network ContourDBS Bank has joined Contour's network, which is built on R3's Corda and digitalises global trade processes such as the creation, exchange, approval and issuance of letters of credit (LCs). Read more at The Business Times. dbsbank Ok but it’s not a blockchain
Source: BusinessTimes - 🏆 15. / 51 Read more »