DBS To Join Contour's Network As The First Singapore Bank

DBS is set to be the first lender bank to join the contour’s network to provide its customers with a letter of credit (LOC) settlement. The contour’s network is actually a blockchain service from Corda. It is also known as the Corda Network and it can lessen the settlement period. The Corda Network eases the process of issuing LOC settlements with only a little paperwork.

The Corda Network also allows the lender to carry out real-time client negotiations. Other benefits, like instant transaction tracking and audit trails are also offered. The R3’s Corda will allow DBS to share post-endorsement data real fast.

According to DBS, joining the contour network will help the organization work more efficiently and give corporate clients a chance to redesign their business strategies. DBS further thinks that the Contour ecosystem is rapidly growing and can lead them to highly improve efficiency in the future.

Meanwhile, they have increased the branches and are looking up to developing the structure of digitized global trade. The Contour’s network of R3’s Corda helps with multiple steps related to the LOC, like formation, exchange, acceptance and, issue of the LOC. Moreover, this network will help DBS deliver the LOCs to the corporate clients in a ‘contact-free’ manner, which is crucial during this ongoing COVID-19 crisis.

R3’s Corda network is also helpful for DBS as it ensures the total accuracy of all the end-to-end LC certificates. It allows the clients to go through a pre-negotiation of the LOC with the help of this network. So, the esteemed clients of DBS can count on transparency.

As per the outlook of John Lawrence, the Group head of GTS at DBS Bank, a lot of important is being given to the completely digitized and secured work culture and the vitality of Contour’s network for the future and times of crisis. He also expects that the services of R3’s Corda network will help DBS increase its business in a global spectrum.

According to Carl Wegner, Contour’s CEO, this collaboration can prove to be a win-win situation for both DBS and Contour. He emphasizes on the rapid growth of the network and the success of the blockchain solution in the future. Moreover, he expects the banking industry of the country will choose the network in the future. Carl also points out the level of transparency that Contour’s network can provide to both the bank and their clients.

DZS’s collaboration with Contour’s network seems to be a benchmark that all other banks in Singapore can follow in the future and uplift the chances of sustaining in the market.

Other news

Most Recent Blogs View All Blogs

08 Feb

Blockchain's Impact on Trade Finance: Shaping Global Commerce

Trade financing facilitates global commerce but involves antiquated systems reliant on manual paperw...

06 Feb

India's Trade Dynamics Amidst the Red Sea Crisis

As of now, there has been no significant impact on India's exports and imports owing to the crisis i...

31 Jan

Choosing the Right Trade Finance Instrument for Your Business

Understanding Trade FinanceTrade finance facilitates transactions and lowers risks for buyers and se...


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.