Blockchain transaction by Contour between 2 textile companies



World commerce finance community Contour not too long ago introduced it has accomplished a pilot transaction between Taiwan’s Tainan Spinning and Vietnam’s Century Artificial Fibre Company. CTBC Financial institution was the advising financial institution within the letter of credit score (LC) transaction supporting Tainan Spinning, whereas the the importer was supported by Vietnam-based HDBank, the issuing financial institution.

HDBank is the primary Vietnamese primarily based financial institution to have achieved the total import LC transaction circulate from issuance to presentation and settlement. This transaction marks the primary time HDBank has utilised the blockchain community, and the primary time CTBC Financial institution has labored with Singapore-based Contour introducing the community to the textile trade, Contour mentioned.

Contour’s decentralised community permits all events to have visibility of the commerce whereas additionally making certain that no single organisation—together with Contour—controls all the information. This ensures that each banks, importers and exporters have improved visibility with out compromising safety.

“The inefficient paper-based processes which have plagued worldwide commerce for many years aren’t match for goal. As a substitute, the way forward for commerce shall be with out limitations, permitting collaboration throughout the complete commerce ecosystem. The current transaction has proven how our community can ship for banks of various sizes and throughout completely different industries. As we transfer into 2021, we goal to additional these targets, delivering an inclusive commerce setting for all,” Contour chief government officer Carl Wegner mentioned.

Fibre2Fashion Information Desk (DS)

World commerce finance community Contour not too long ago introduced it has accomplished a pilot transaction between Taiwan’s Tainan Spinning and Vietnam’s Century Artificial Fibre Company. CTBC Financial institution was the advising financial institution within the letter of credit score (LC) transaction supporting Tainan Spinning, whereas the the importer was supported by Vietnam-based HDBank, the issuing financial institution.





Supply hyperlink

Leave a Reply

Your email address will not be published. Required fields are marked *

Leave a comment
scroll to top