HDBank is the latest financial institution to join Contour and marks the first bank in Vietnam to be part of the Contour's trade finance network. This offers an opportunity for Vietnamese corporates to take advantage of the online negotiation and streamlined management of Letters of Credit with counterparties in Asia, Europe, the Middle East, and the USA.

Built on R3's Corda, Contour's network is focused on overhauling the Letter of Credit (LC) issuance process. LCs are traditionally paper-based, time consuming to process and costly to deal with. By digitising LCs on a blockchain network, the processing time and cost involved will be significantly reduced. With the current socio-economic climate, the need for further efficiency in the market has grown even more apparent.

Carl Wegner, CEO, Contour said: "The focus with our network has always been to establish a neutral platform that all different types of banks and corporates can use for trade finance transactions. To fully unlock the potential of what enterprise blockchain can bring to trade finance, banks and corporates need to be able to collaborate and forge new connections. That is the ultimate aim of Contour, and it's something we're continuing to see as we welcome HDBank into the network."

Pham Quoc Thanh, CEO at HDBank, added: "We saw the potential for Contour to revolutionise how we issue LCs and knew it was an opportunity like no other. From working with Carl and his team, we hope to change that, providing increased flexibility with LCs, streamlining the process and providing funds to corporates in a far more efficient manner than ever before. In due course, we look forward to sharing news of transactions taking place on this network."

About Contour
Contour is building the world's open trade finance network. With industry-wide collaboration and blockchain technology, we are dissolving barriers to create seamless trade. Our network of Banks, Corporates and Partners enable the instant flow of trusted data across the world's trade routes and fragmented ecosystems, creating a streamlined future for businesses.
contour.network

hdbank.com.vn

Chaineum : Neo Investment Bank
Laurent Leloup : Conférencier blockchain
HealthTech.Finance : HealthTech Investment Bank

This website is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by FINYEAR.
No reference to any specific security constitutes a recommendation to buy, sell or hold that security or any other security.
Nothing on this website shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction.
Nothing contained on the website constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed on this website should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this website, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor.
This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors.
Any views expressed on this website by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change.
All information is subject to possible correction. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.