DBS Bank Joins Blockchain Network Contour
A Singaporean multinational banking and financial services corporation DBS Bank enters the blockchain financial trading network Contour.
Contour network is aimed to digitize international trade processes particularly with regard the establishment, shift, improvement & issuance of letters of credit. Contour is set to be released in the end of the current year.
As The Business Times states, DBS Bank is the 1st bank from Singapore to enter this blockchain-based network.
DBS is designed to offer complete digital end-to-end LC settlement process for its clients by using Contour’s digital solutions. The range of services involves the transfer of digital trade & title documents. It can be an assistant for the bank to lower the settlement time, paperwork & ease complicated trade operations.
John Laurens, who is the group head of international transaction services at DBS Bank mentioned that it is a new approach in how different spheres operate by ensuring higher transparency, safety & speed, as a result building sustainable trade ecosystems that are resilient during the economical crisis.
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