DBS Bank joins blockchain trade-finance network Contour

  • 📰 BusinessTimes
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 51%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

DBS 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.

In addition, there will be real-time tracking of transactions on the platform along with a full audit trail, resulting in greater transparency.

The demand for contactless banking amid the Covid-19 situation also makes digitalising trade processes an increasingly relevant and heightened priority. "Efficiency in the LC issuance process is a vital part of upgrading the industry. Through our network, we can enable banks and corporates to leverage the shared transparency in the platform and manage information digitally," he added.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

dbsbank Ok but it’s not a blockchain

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 15. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines