dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Lah!
  • Technology

DBS Bank Is First Singapore Bank To Join Contour’s Beta Network

  • May 13, 2020
Total
0
Shares
0
0
0

DBS Bank is the first Singapore bank to join Contour‘s network, growing the number of banks on the platform driving a collective effort to digitalise global trade. Built on R3’s Corda, Contour’s network focuses on digitalising processes, including the creation, exchange, approval and issuance of letter of credits (LCs), which are often tedious and time-consuming.

Joining Contour’s growing ecosystem of banks and partners aligns with DBS’ ongoing efforts to drive greater efficiencies in trade and unlock strategic value for its corporate customers. The demand for ‘contact-free’ banking amid the Covid-19 situation also makes digitalising trade processes an increasingly relevant and heightened priority for all participants during this period.

Through Contour, DBS will be able to tap on the network’s digital solutions to provide a fully digital end-to-end LC settlement process for its customers – including the transfer of electronic trade and title documents. This helps shorten settlement time, reduce paperwork and simplify complex trade processes. Corporate customers can also conduct digital pre-issuance negotiation between applicant and beneficiary in real-time, and share this with DBS post-endorsement for LC Issuance. This increases the accuracy of LCs issued and helps facilitate quicker resolution in the event of discrepancies. In addition, customers will also enjoy enhanced transparency with real-time tracking of transactions on the platform, along with a full audit trail.

Carl Wegner, CEO, Contour said: “Our network continues to grow. With more financial institutions joining the Beta Network, we are able to showcase the full potential that a blockchain solution can offer to trade finance. Efficiency in the LC issuance process is a vital part of upgrading the industry. Through our network, we can enable banks and corporates to leverage the shared transparency in the platform and manage information digitally which is even more important than ever for the trade finance industry.”

John Laurens, Group Head of Global Transaction Services at DBS Bank, said: “We’ve been employing technology and digital solutions to innovatively unlock opportunities for our corporate customers across sectors and of all scale. This is more than simply digitising an historically paper-based service; it’s about transforming the way industries work by 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.”


About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 11 consecutive years from 2009 to 2019.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 28,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • DBS
  • DBS Bank
  • Digital Solutions
  • Electronic Transaction
  • Online Banking
dotlah.com

Previous Article
  • People
  • Techton
  • World Events

Nurses On The Front Lines: A History Of Heroism From Florence Nightingale To Coronavirus

  • May 12, 2020
View Post
Next Article
  • Cities
  • World Events

The World’s Best Airports 2020

  • May 13, 2020
View Post
You May Also Like
View Post
  • Gears
  • Technology

Meet Samsung Galaxy Tab S11 Series: Packing Everything You Expect From a Premium Tablet

  • Dean Marc
  • September 4, 2025
View Post
  • Technology

Malaysia’s ‘ASEAN Shenzhen’ needs some significant legal reform to take off — here’s how

  • dotlah.com
  • August 25, 2025
View Post
  • Gears
  • Technology

Samsung Electronics Debuts Odyssey G7 Monitors, Showcasing Top Games on Its Displays at Gamescom 2025

  • Dean Marc
  • August 20, 2025
View Post
  • Artificial Intelligence
  • Technology

Thoughts on America’s AI Action Plan

  • Dean Marc
  • July 24, 2025
View Post
  • Technology

ESWIN Computing launches the EBC77 Series Single Board Computer with Ubuntu

  • dotlah.com
  • July 17, 2025
View Post
  • Gears
  • Technology

Samsung Galaxy Z Fold7: Raising the Bar for Smartphones

  • Dean Marc
  • July 9, 2025
View Post
  • Cities
  • Technology

Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore

  • dotlah.com
  • June 20, 2025
View Post
  • Technology

Apple services deliver powerful features and intelligent updates to users this autumn

  • Dean Marc
  • June 12, 2025


Trending
  • 1
    • Cities
    • Lah!
    Singapore Airlines Launches Flight Pass To Offer Customers Greater Savings And Travel Flexibility
    • November 27, 2021
  • 2
    • Lah!
    Changi Airport Concessionaires To Receive 50% Rental Rebates
    • February 27, 2020
  • 3
    • Business
    A Quick Guide For Understanding The Financial Industry
    • September 3, 2024
  • bits binary 4
    • Cities
    • Technology
    How Cities Take Advantage Of Server Databases In 2020
    • October 27, 2020
  • Unleashing creativity 5
    • Features
    • People
    Unleashing Creativity In Environmental Global Political Economy. Part 1.
    • July 4, 2023
  • 6
    • Cities
    • Lah!
    EMA To Explore The Potential Of Geothermal Energy For Power Generation
    • October 27, 2021
  • 7
    • Lah!
    CSA Raises Alert In Light Of The Apache Java Logging Library Log4j Vulnerability
    • December 18, 2021
  • 8
    • Lah!
    Singapore And Vietnam Reaffirm Defence Relations Through Defence Policy Dialogue
    • November 10, 2020
  • 9
    • Cities
    • People
    Asian Countries Dominate Most Powerful Passport List For 2020
    • January 13, 2020
  • goswifties-swedish-meatballs-food 10
    • Featured
    • Food
    Fuel Your Eras Tour Fun: Must-Try Swedish Foods for Swifties in Stockholm
    • May 21, 2024
  • 11
    • Lah!
    Creating A Community, Changing Mindsets And Cleaning Up The Seas
    • June 22, 2021
  • 12
    • Technology
    MAS Enhances Guidelines To Combat Heightened Cyber Risks
    • January 20, 2021
Trending
  • 1
    Singapore’s national identity excludes those who don’t look like a ‘regular family’
    • October 9, 2025
  • Smart Watch 2
    Best Smartwatches, Your Gateway to Health Monitoring and Everyday Use
    • October 5, 2025
  • Cooking pots and pans 3
    Best Pots and Pans 2025: All-Season, All-Purpose Picks for Every Kitchen
    • September 23, 2025
  • 4
    Politicians love comparing NZ’s economy to Singapore or Ireland – but it’s simplistic and misleading
    • September 21, 2025
  • Kitchen Knives - Best All-Around Picks in 2025 5
    Kitchen Knives : The Surgeons of Cooking – Best All-Around Picks in 2025
    • September 15, 2025
  • 6
    Apple unveils iPhone 17 Pro and iPhone 17 Pro Max, the most powerful and advanced Pro models ever
    • September 9, 2025
  • 7
    Apple debuts iPhone 17
    • September 9, 2025
  • Fruits and vegetables for cooking. For food processors. 8
    Food Processor: The Swiss Army Knife of the Kitchen – Best All-Around Picks in 2025
    • September 8, 2025
  • 9
    Meet Samsung Galaxy Tab S11 Series: Packing Everything You Expect From a Premium Tablet
    • September 4, 2025
  • 10
    Malaysia’s ‘ASEAN Shenzhen’ needs some significant legal reform to take off — here’s how
    • August 25, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.