Contour, the global digital trade finance network, has announced a strategic partnership with TradeGo, a blockchain-based commodity trading service platform that enables the secure and transparent transfer of electronic bills of lading (eBLs).

Contour's platform digitises letter of credit (L/C) processing by managing the entire end-to-end process in a collaborative workflow, giving buyers and sellers instant access and real-time visibility of the transaction on one connected platform.

Tradego's platform enables the secure and transparent transfer of eBLs and warehouse receipts for clients across the commodity supply chain, with a focus on commodity flows in and out of China.

Chinese connections

Contour says its collaboration with TradeGo is significant because it connects the bulk commodities physical supply chain in China to an established global financial supply chain network.

TradeGo is a Singaporean-domiciled company founded by a cross-industry consortium, including major trade participants PetroChina International, Sinochem Energy, COSCO Shipping Energy and Bank of China.

Complementary offerings

Contour's expanding global network connects banks and corporates on a common decentralised network to improve digitisation, speed and transparency in their trade finance processes.

TradeGo's eBL offers a complementary solution, further enhancing the benefits for both banks and corporates.

L/C example

When using Contour's digital L/C solution, for example, the buyer and seller can specify the TradeGo eBL as the required proof of shipment and reduce the need to receive, send, and amend paper documents.

This aims to enhance the overall user experience, reduce complex workflows and further improve turnaround time for both banks and corporates.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.