A blockchain trade finance platform developed by eight major banks, among them HSBC, BNP Paribas, and Citi, is now ready for commercial launch in Singapore in Q2 2020.
Named Contour, the launch follows a successful trial of the platform involving over $30 million in letter-of-credit transactions last year, South China Morning Post reported on March 5.
Letter-of-credit transactions are a payment mechanism widely used in international trade, in which a bank provides a seller with an economic guarantee for a buyer’s payment.
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