The blockchain-based trade finance platform Contour recently launched its network in Singapore. SEB is the only Nordic bank in the partnership behind.
Contour (previously Voltron) is an open trade finance platform aiming to digitise and modernise the $18 trillion trade finance market. The platform lets trusted information be shared in real-time, effectively digitizing Letters of Credit across all users in the transaction.
Letters of credit (LoC) are paper-intensive instruments, both for exporters and importers, as well as for banks. By digitizing the process, Contour’s blockchain based solution has reduced the time taken from 5–10 days to as little as 24 hours. And the amount of paper work is reduced accordingly.
“We see a great value to be a part of this network thereby being able to deliver concrete customer value with faster service and quality enhancement. We also create possibilities for further digitization cross the whole transaction”, says Paula da Silva, Head of Transaction Services at SEB in Sweden.
“This is very exciting. We are all eager to go from project phase to company building mode, working together on digitization of trade finance with the new management team as well as the board members from the other banks”, says Kristina Söderberg, Investment Manager SEB Venture Capital and board member of Contour.