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.”
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.