Citi joins rebranded digital trade finance network Contour
(20 February 2020 – Singapore) Blockchain trade finance network Contour has announced that Citi has come on board its digital trade finance global collaboration push.
Contour launched in January 2020 after rebranding from the blockchain trade finance project Voltron. Citi is the latest bank to join its growing client base which include BNP Paribas, HSBC, ING, Standard Chartered, Bain and R3 amongst several others.
Established in Singapore, Contour is now operating as a fully independent entity, inviting banks and corporates into its beta network. The announcement comes as Contour moved into full commercialisation of its offering after two years of successful pilots in 14 countries.
Citi has both joined Contour's trade finance network and also invested in the start-up through Citi Ventures. Contour said that the investment will help it to continue in its effort to develop an open network ‘create seamless trade and digitise the outdated process’. Contour is focused on improving the Letters of Credit (LCs) process. The technology leverages R3's Corda platform to digitise the process, enhancing transparency and efficiency for banks and corporates by building connectivity and trust between all parties in the transaction.
“The Contour team has a trusted background and is partnering with a strong consortium to help digitise Letters of Credit. Citi Ventures is thrilled to support Contour as it pursues its exciting vision” said Citi Ventures Managing Director Luis Valdich.
“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” stated Contour CEO Carl Wegner.