Singapore's DBS Bank has joined Contour's open trade network, which is built on blockchain technology company R3's Corda platform.

The platform aims to digitalise global trade processes including the creation, exchange, approval, and issuance of letters of credit (L/Cs).

L/C advantages

DBS is now able to tap Contour's solutions to provide a digital end-to-end L/C settlement process for its customers, including the transfer of electronic trade and title documents.

Corporate customers meanwhile will be able to conduct digital pre-issuance negotiations between applicant and beneficiary in real-time and share this with the bank post-endorsement for L/C issuance.

Participating banks

Other participant banks in the Contour network include BNP Paribas, Bangkok Bank, ING, HSBC, Standard Chartered and Citi Ventures.

Earlier this year DBS participated alongside Standard Chartered and Contour to complete the first yuan-denominated blockchain L/C deal between Baosteel and Rio Tinto (DC World News, 18 May 2020).

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