DBS was the first Singaporean bank to join Contour’s network.
DBS has expanded its offerings on Contour’s trade finance network to corporate clients in Singapore, China, Hong Kong and Australia, an announcement read.
DBS was the first Singapore-based bank to join Contour’s beta network and completed the first fully digital letter of credit (LC) transaction on the platform last year.
The bank has now moved from Contour’s beta network to its production network to offer streamlined digital LC transactions for customers across the four markets.
Also based in Singapore, Contour and its bank partners work together in an effort to digitise global trade. Built on R3’s Corda, Contour’s network focuses on digitising paper-based trade finance processes, including the creation, exchange, approval and issuance of LCs.