Digital trade finance network Contour has partnered with blockchain platform MineHub to integrate their digital supply chain and trade finance technology solutions for the global metals and mining industry.

Sumitomo Mitsui Banking Corporation (SMBC) meanwhile has become the latest institution to join the global network of banks, corporates and other partners clustered around Contour, whose initial ambition is to digitise letters of credit (L/Cs).

Blockchain duo

MineHub's platform provides real-time visibility and collaboration of upstream and downstream supply chains, while Contour brings together banks, corporates and other partners on a common, digital network for trade finance. Both MineHub and Contour are built on blockchain technology.

The partnership will enable trades on MineHub to flow into the Contour network, where a digital L/C can be created.

MineHub digitises the supply chain by allowing miners to capture digital mineral contracts with buyers and streamline post-trade operations, including document flow, financing and logistics.

Digital L/Cs for SMBC

A Contour beta network member since last year, SMBC has become the latest institution transitioning to the digital trade finance platform's full production network.

This means SMBC will be able to provide its customers with a fully digital end-to-end L/C settlement process, which the bank expects to result in cost and time-saving benefits.

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