DBS, Contour complete secured LC transaction on blockchain network
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EFFORTS to digitalise trade finance are taking shape amid renewed questions over fraud in trade finance, with DBS Bank and blockchain trade-finance network Contour sewing up the network's first digital end-to-end secured letter of credit (LC).
The transaction was made between Nanjing Iron & Steel, Singapore Jinteng International and Hope Downs Marketing Company - an equal joint venture between Rio Tinto and Hancock Prospecting, DBS said in a statement on Wednesday.
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