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Contour partners with CargoX to transform bills of lading

Oct. 29, 2020, 12:18 p.m.

(Singapore, 28 October 2020) – Contour, the Singapore-based global trade finance network has today announced its partnership with CargoX, a blockchain platform for transferring documents and data including a certified electronic bill of lading solution. The news follows Contour’s transition to full production, with the network supporting electronic bills of lading as part of digital transformation of trade.

The partnership provides Contour customers another option for electronic bills of lading to be used in synchronisation with their Contour trade finance transaction. This will not only reduce the overreliance on paper documents that is common in the industry but also streamline trade processes, reducing time and improving communication.

Carl Wegner, CEO at Contour said: Transforming trade finance can’t be achieved by a single company acting by itself – collaboration is central to building a trade finance network that is truly global. Bills of Lading can be a challenge for digital transformation, due to their complex nature. That is why it is a key focus for our partnerships to streamline this common pain point. Our work with CargoX marks an important milestone towards establishing an ecosystem of technology providers, banks and corporates that makes digital trade finance not just a reality, but a tangible, accessible option for all.”

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