Contour, the blockchain-based trade platform focused on digitising letter of credit (L/C) processing, was won 'House Awards - Service Providers (Asia Pacific)' in the category of Digital Innovation (Southeast Asia) at the Corporate Treasurer Awards 2022.

The awards recognise outstanding contributions from treasurers, chief financial officers, banks, consultants, technology vendors and accounting firms in supporting the improvement of Asian treasury and finance.

Added to other awards Contour has won or been associated with this year, this latest accolade suggests the Singaporean fintech's efforts are gaining industry recognition.

Global network

The judges said Contour's award recognises the progress it has made by introducing digitisation in the trade finance industry using decentralised technology.

The platform was formed in January 2020, as a global network of banks, corporates and trade partners working together to solve longstanding inefficiencies in trade finance. Contour now has over 150 members and 18 banks in its network spanning more than 50 countries.

Its wider network includes 16 strategic partners - from electronic bill of lading (eBL) providers to system integrators, shipping and mining networks, and trade workflow providers.

Digital L/C benefits

"Trade finance is about managing risk and providing working capital. In digitising a typically complex and paper-based L/C process, Contour's digital solution is building the trade finance platform of the future," claims Contour's CEO, Carl Wegner.

"This prestigious award is testament to our stellar growth over a short period of time, proving that the efficiencies from using our platform are greatly beneficial," he says.

Industry recognition

The award appears to underline that Contour is increasingly recognised as a force in the trade finance industry. Earlier this year it won 'Best Fintech in Trade' at the Global Trade Review's (GTR's) annual Leaders in Trade Awards. Last year the fintech won GTR's 'Leader in Trade for Digitalisation' award.

Contour has also helped banks to win awards this year. In Global Finance magazine's latest list of the world's best trade finance providers, Standard Chartered Hong Kong won the best trade document management award for issuing the world's first renminbi-denominated blockchain L/C on the Contour platform (DC World News, 7 February 2022).

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