Banking giant Citi backs blockchain trade finance network Contour
Wed, 19 Feb 2020, 10:21 am UTC
Blockchain trade finance network Contour has announced that banking giant Citi just joined its industry-wide global collaboration effort.
According to a press release, Citi has joined Contour's trade finance network and also invested in the startup through Citi Ventures. Contour said that the investment will help it to continue in its effort to develop an open network “create seamless trade and digitize the outdated process.”
“Seeing greater collaboration from leading financial institutions shows how important revolutionising the trade finance network is,” said Carl Wegner, CEO at Contour. "Our network provides trusted information in real-time, digitising the process for all users. To have a major global trade player such as Citi join us is a huge validation of the work we are doing and allows us to continue creating greater efficiency for the industry,” he added.
Contour launched last month after rebranding from the blockchain trade finance project Voltron. Citi is the latest bank to join its roster of supporters which include Bangkok Bank Public Company Limited, BNP Paribas SA, CTC Venture Capital Co. Ltd, HSBC Investment Bank Holdings Limited, ING Bank N.V., Standard Chartered UK Holdings Limited, Skandinaviska Enskilda Banken, Bain & Company, Inc., CryptoBLK Limited and R3.
Contour is focused on improving the Letters of Credit (LoCs) process. It leverages R3's Corda platform to digitize the process, enhancing transparency and efficiency for banks and corporates by building connectivity and trust between all parties in the transaction.
“The Contour team has a trusted background and is partnering with a strong consortium to help digitize Letters of Credit. Citi Ventures is thrilled” said Luis Valdich, Managing Director of Citi Ventures.
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