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Commerzbank announces first blockchain-based trade finance transactions on Contour network
Commerzbank is the first German bank to have completed a blockchain-based Letter of Credit (LC) transaction for its client, Ascentex Exim LLP, a Singapore-based textile trader, on Contour, a digital trade finance platform. The LC was issued for a shipment of rubber threads from Thailand to Krungthai Bank. Contour’s decentralised platform resulted in significant time and cost savings within this process.
In another first for Commerzbank, the Bank’s China branch also completed a blockchain-enabled LC transaction. Commerzbank acted as the issuing bank for Nanjing Iron and Steel Company, which imported raw materials from Hong Kong’s Jinteng International Co. The LC was advised by Hang Seng Bank.
With these live transactions, Commerzbank has reached a key landmark in the Bank’s commitment to digital transformation. Brigitte Réthier, Divisional Board Member for Institutional Clients & Transaction Banking Sales at Commerzbank, said: “This milestone reinforces our commitment to driving digital innovation and delivering value-added solutions to our clients. By leveraging the power of advanced technology, we aim to enhance efficiency, reduce costs, and provide greater accessibility to trade finance, ultimately enabling businesses to thrive in today’s rapidly evolving global marketplace.”
Contour’s digital trade finance platform harnesses the power of blockchain technology to streamline and enhance the efficiency of LC transactions. Leveraging blockchain technology and advanced data analytics, the platform offers a secure, transparent, and seamless ecosystem for managing trade finance processes.
The digital solution transforms internal workflows and the relationships between importers, exporters, banks, and all stakeholders in between, which represents a significant step forward in the digital transformation of Commerzbank’s trade finance operations and reinforces the Bank’s commitment to innovation.
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