DBS, Contour complete secured LC transaction on blockchain network

Singapore

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.