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. ”