On June 20, Nangang International Trade Co., Ltd. and Vale (VALE) issued a digital dollar letter of credit based on the CONTOUR blockchain network through Commerzbank Shanghai Branch, and opened up the first order on the blockchain platform. The channels for domestic and international L/C issuance are an important step towards realizing the digital transformation of the whole process. This business is the first domestic letter of credit business issued by Commerzbank on the CONTOUR network, laying the foundation for further cooperation between the two parties.

As early as August 2020, Nangang International Trade Co., Ltd. successfully carried out the first international dollar blockchain business on the CONTOUR network through Singapore Jinteng Company and Vale, and was awarded the "Best Trade Financing Solution" by Hong Kong "The Asset" magazine. Program" award.

CONTOUR is the world's first and largest blockchain-based global trade financing platform

Contour establishes a new global standard through blockchain technology, integrates the world's leading banks, enterprises and logistics partners into a common digital trusted network for transactions in real time, and realizes trade such as letters of credit through a distributed platform transformation of financing products. Currently, several leading banks and corporations in multiple countries and regions are benefiting from huge efficiency gains, reducing the processing time of letters of credit (LC) for online transactions by up to 90%. At present, the Contour platform has gathered major international trade banks including Bank of China (Hong Kong), Industrial and Commercial Bank of China (Xiamen), China CITIC Bank, Standard Chartered, Citigroup, and HSBC. A number of Chinese enterprises, including International Trade Holdings Group and Guangxi Shenglong Metallurgy, have successfully facilitated a number of RMB-denominated letters of credit transactions.

The high reliance on offline paper documents in traditional trade finance makes the business process long and inefficient. The digital solution based on blockchain technology can effectively solve the above problems. The application of blockchain technology can effectively save labor costs and logistics costs, optimize financial business processes, and improve efficiency. With the help of Contour's trade financing network, major banks and service platforms involved in international business have made efforts to digitize trade financing to expand their business.

DBS digitizes trade finance with Contour trade finance network

In order to further promote the digitization of trade finance in major trade hubs in the Asia-Pacific region, with the rapid development of the Contour trade finance network, DBS Bank started to expand the trade finance services in the Contour network to four major markets in the Asia-Pacific region (APAC) corporate customers.

As the first Singaporean bank to join Cantor's beta network, DBS completed the first fully digital letter of credit transaction on the platform last year. DBS has now moved from Cantor's test network to its production network, offering streamlined digital letter of credit transactions to customers in Australia, mainland China, Hong Kong SAR and Singapore starting this month.

ICBC issued the world's first cross-border RMB letter of credit for iron ore using the official version of Kangtuo blockchain

On March 16, 2021, ICBC issued the world's first iron ore import blockchain RMB letter of credit after the official version of the Contour platform was launched, with a total amount of over 220 million yuan. This is ICBC's new exploration of continuously increasing the application of blockchain technology in the field of cross-border RMB settlement of commodities, and it has played a good market demonstration role in promoting the development of paperless and digital cross-border RMB settlement in international trade.

Stewart joins hands with Kangtuo to accelerate the digitization of global trade financing for Chinese enterprises

In April 2021, ThoughtWorks, a global software and consulting company, entered into a strategic partnership with Contour, a global trade finance network company. Through ThoughtWorks' customized integration services, Chinese users can realize seamless integration with the blockchain trade financing network Contour Network, and use blockchain to speed up traditional trade finance businesses such as letters of credit and facilitate Chinese enterprises quickly connect to the global trade and finance ecosystem and grasp the dual opportunities of digitalization and internationalization.

Standard Chartered Bank Issues the World's First Offshore Renminbi Transnational Blockchain Letter of Credit

In May 2020, Standard Chartered Bank issued the world's first cross-border blockchain letter of credit denominated in offshore RMB through Contour, a blockchain trade financing platform, to support Baosteel, a subsidiary of China Baowu, from Australia's Rio Tinto Group (Rio Tinto Group) import iron ore deal.

TradeGo x Contour cooperates to promote the transformation of digital trade finance in China and the world

On February 28, 2023, Contour, a global digital trade finance network, announced a strategic partnership with TradeGo, a digital service platform for international trade in bulk commodities.

Contour is a leading global digital trade finance network. It establishes a new standard for global trade by bringing together the world's major commercial banks, enterprises and industry partners on a trusted, common and digital network. Contour upholds the concepts of innovation, trust and collaboration, and uses decentralized technology to achieve seamless integration with market-leading digital document systems and other digital networks, enabling relevant trusted data to be shared across global trade routes and the current decentralized ecosystem Instant flow in the system. Recently, Contour has also won several awards in the industry and in the field of trade finance, such as the "Best Distributed Ledger Technology Platform in Trade Finance" award of the 2023 Global Finance Award, and the authoritative international magazine "Global Trade Review" (GTR)'s 2022 "Best Financial Trade Technology Company" award and the 2022 Corporate Treasurer Awards "Best Digital Innovation Practice Company".