South Korea's largest trading company, Posco International, will be able to adopt a fully digital end-to-end letter of credit (L/C) settlement process now it has joined digital trade finance network Contour.

As a globally integrated corporation, Posco has over 80 global networks, extending into fields such as energy, steel, agro-resources and components materials.

Green ambitions

Posco is pushing towards a net-zero carbon future by accelerating its adoption of digitisation processes across the board. By joining Contour's network, the South Korean trader says its trade ecosystem will be able to use digital L/Cs that reduce the process of presenting documents to under 24 hours.

Trade finance is heavily reliant on many paper-based processes, which the corporation says is a serious hindrance to environmental sustainability. Digitising trade finance eliminates the need for paper documents, streamlines the complex process and reduces costs, paving the way for a more efficient and greener approach to business.

Partnership with Contour

"By digitising the L/C process through Contour's solution, we will simplify trade operations and establish a sustainable trade environment through paperless trade," according to senior vice president at Posco, Wonjae Park.

He says Posco will maintain a strong partnership with Contour to lead the digitalisation of trade finance in Korea and create new opportunities.

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