Contour Introduced Trade Finance Innovation Lab In Singapore
As per the latest reports on July 2, an innovation lab in Singapore has been introduced by the Contour, A blockchain-based trade finance platform where it will operate together with its developing network of banks, corporates, and ecosystem associates to investigate and foster novel, digitally local trade finance solutions.
The Future of Finance Lab will have a great impact on supporting Contour’s mission to foster the digital infrastructure to resolve persistent shortcomings in the trade by eliminating hurdles, easing work processes, and making trade more accessible to all. The lab is structured in Singapore, utilizing its favorable climate for advancement, thriving FinTech environment, and support guidelines. Singapore also facilitates the competitive advantage of being a lively and significant trade center point.
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As per the reports, the global trade is all set to bounce back in 2021 after the pandemic with an expected development in volume of 8%. Contour and its network are aiding this development by establishing an end-to-end Trade Service that connects businesses, loan providers, and associates smoothly across the financial and physical supply chains. The lab will also empower continued refinement and upgrade of this offering.
Apart from its fully digitized Letter of Credit (LC) service which is currently in live production, as an initiative of which, earlier, Vietnam’s HDBank joined HSBC, StanChart-backed Contour trade finance blockchain to digitize LCs. Contour will soon step into other areas of trade finance to assure greater value to its members. It has also established an in-house development team to evaluate new product offerings and is anticipated to double the team size in the upcoming year.
According to Carl Wegner, CEO at Contour, “With the introduction of the Future of Finance Lab, we are eager to further accelerate our advancement endeavors as we develop the digital infrastructure for the businesses, making trade more accessible, easy, and efficient for all. Singapore is the favorable environment for innovation, and we look forward to teaming up with our network both locally and internationally as we operate together to construct the future of trade.”
Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore (MAS), “Digitalizing trade processes through a sped-up adoption of innovation and development has been a focus area in MAS’ Fintech agenda. As we are rising gradually from the pandemic, we believe that several digital solutions and connectors interoperating consistently can make trade borderless, more efficient and thereby kick-start the recovery of global trade. We are pleased that Contour has selected to anchor its Future of Finance Lab in Singapore and look forward to its further commitment to the digital trade ecosystem in Singapore and beyond.”