Singapore-based multinational banking firm DBS Banking concern has joined the blockchain trade-finance network Contour, which is built over R3's Corda. Contour is due for a main-launch later this year.

According to a May 11 report by the business concern news outlet The Business Times, DBS Banking company is the first bank from Singapore to join the network. Major institutions such equally BNP Paribas, Bangkok Banking concern, ING, HSBC, Standard Chartered and Citi Ventures founded Profile.

Digitizing for efficiency

DBS looks forwards to digitizing its terminate-to-stop messages of credit settlement procedure through the platform'due south blockchain solutions. The bank aims to reduce settlement time, decrease the amount of paperwork, and simplify the trading process.

Contour will also help DBS'southward corporate customers conduct real-time digital pre-issuance negotiations between applicants and beneficiaries which will increase the accuracy of the issue letters of credit. Real-time tracking and inspect trails of transactions will add transparency and assist negate or resolve discrepancies more finer.

Speaking of the innovation Contour could bring to the trade-finance ecosystem, the group head of global transaction services at DBS Banking concern, John Laurens, said:

Information technology's about transforming the fashion industries piece of work past providing greater transparency, security and speed to build sustainable trade ecosystems that are able to weather the peaks and troughs of economic cycles and are resilient in times of crisis.

Call for contactless banking amid Covid-19

Cointelegraph reported in March that Contour had conducted a successful trial of its platform last twelvemonth, where information technology recorded $thirty million in letter-of-credit transactions.

In the traditional trade finance system, virtually processes crave human intervention and piles of paperwork. Given the Covid-19 crunch, it is now more crucial than ever to prepare for a more contactless grade of the trade process.

Addressing the issue, Ajay Sharma, HSBC's regional caput of global trade and receivables finance, has previously claimed that: "Leveraging blockchain for trade finance has overcome the concrete constraints we are having today."