Blockchain trade finance network Contour has opened an innovation lab in Singapore where it will collaborate closely with its growing network of banks, corporates and other partners to research and develop what it describes as novel, digitally native trade finance solutions.

The Future of Finance Lab aims to further the network's mission to develop digital infrastructure to address what Contour sees as longstanding inefficiencies in trade by removing barriers, simplifying workflows and making trade more accessible to all.

Singapore's advantages

Contour, which already has a fully digitised letter of credit (L/C) service in live production, says the lab is based in Singapore because of its conducive environment for innovation, flourishing fintech ecosystem and supportive regulations

Singapore also provides the network with what it sees as the strategic advantage of being a vibrant and important trade hub.

L/Cs and beyond

Beyond its fully digitised L/C service, Contour says it will soon expand into other areas of trade finance to bring greater value to its members.

It has formed an in-house development team to experiment with new trade product offerings and is expected to double the size of its team in the next year.

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