EmerioBanque

Contour Is In Association With ThoughtWorks To Digitize Trade Finance In China

On March 24, 2021, the global trade finance network Contour joined hands with ThoughtWorks, an international software consultancy in China to further accelerate its development & growth in the region via digitizing the process of international trade. Earlier, Wärtsilä participated in paperless trade finance to digitize the process of export letter of credit.

The aforesaid association with ThoughtWorks will enable Contour to avail benefits of consultancy’s expertise, and knowledge in the software industry, and familiarity with the organization’s solutions prevailing in China to facilitate its regional customers seamless & smooth integration with the Contour network.

Now the customers of Contour will be able to access Chinese-language-backed integration services especially tailored for enterprise systems and improved client experience and connectivity. Simultaneously, ThoughtWorks will also provide blockchain-based trade finance solutions to its customers to enable them to overcome the complexities & challenges arising from digitization. The association of the two will also aid customers in expanding their business cross-borders and surviving in the cutting-through global economy.

Moreover, this partnership will help Contour expand its current presence in China and enable Chinese banks & corporations greater accessibility to operate in cross-border trade on the network. Recently, Contour marked its first Chinese production bank, and an iron ore company named Xiamen ITG declared a successful abroad RMB-denominated LC transaction with Rio Tinto on the Contour Network.

As per Carl Wegner, CEO at Contour, “We are glad to boost our presence in China and are willing to connect with more Chinese corporates and banks along with their foreign trade counterparts. Since 2019, we have effectively facilitated several RMB-denominated LC transactions on our pilot and beta networks. We are expecting an extreme need for trade digitization in China. By blending our innovation with ThoughtWorks' expertise & experience in the banking sector in China, we thrive to deliver the extensive value of the Contour Network in China and to aid regional corporates and banks gain their full potential in the worldwide trade ecosystem.”

As per Song Zhang, CEO at ThoughtWorks China, “ We are willing to assist Contour in its vision of digitizing global trade. The traditional, paper-based trade finance industry is more than ripe for a detailed and keen digital transformation. As global trade has started recovering from the pandemic, it also demonstrates the scope for the industry to re-establish with leer difficulties and improved efficiency. ”

Source

https://ibsintelligence.com/ibsi-news/contour-partners-with-thoughtworks-to-enhance-digital-trade-finance-in-china/





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

12 Jan

How Can Technology Impact International Trade Finance Companies?

Since the introduction of technology, it has been fluctuating and confusing. Nowadays, technology ha...

11 Jan

Top 4 Working Capital Management Tips For Your Trading Business

If you run a business organization, you must be aware of the capital management experience. The firs...

06 Jan

Short Term Financing Heres Everything You Need To Know

Every business owner reaches a point where they need external funding to support the business. It ca...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.