Contour, the blockchain-based open industry platform focused on digitising trade finance, has partnered with international software consultancy ThoughtWorks in China to strengthen its position in one of the world's largest letter of credit (L/C) markets.

Through this partnership, Contour expects to leverage ThoughtWorks' software expertise and familiarity with the enterprise solutions landscape in China to help its local clients integrate seamlessly with the Contour network.

Language support

Contour says clients can expect Chinese language-supported integration services specific to their enterprise systems and enhanced user experience and connectivity while using its network.

At the same time, ThoughtWorks will bring the blockchain-based trade finance solution to its clients to help them overcome challenges arising from digitisation and internationalisation.

The partnership aims to help clients extend their business reach abroad and stay competitive in the global economy.

Strategic target

Contour describes China as the world's largest exporter and one of the top three L/C markets globally and says the country is a strategic target for it.

Last year, Contour participated alongside Singapore's DBS Bank and Standard Chartered 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.