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Widespread supply chain disruption during the pandemic put a spotlight on outdated trade finance processes. Now, corporates focused on digital transformation are redefining the financial supply chain as a resilient trade ecosystem, according to Sriram Muthukrishnan, Group Head of Trade Product Management, at DBS.
May 25, 2021
Many paper-based processes and physical touch points will soon become a thing of the past for corporates.
Amid the chaos the pandemic created for supply chains, with delayed deliveries and payments, digital solutions became a lifeline for businesses globally. “Companies see the imperative in streamlining complex trade finance processes, and a focused digital approach is essential to creating resilient trade ecosystems of the future,” said Muthukrishnan.
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DBS Bank and Contour broaden digital trade offerings to four new markets in Asia-Pacific 18 hours ago
Source: Contour To further push the digitalisation of trade finance in major trade hubs in the region, DBS Bank has expanded its offerings on Contour’s rapidly growing trade finance network to corporate customers in four key markets in the Asia-Pacific region (APAC). DBS was the first Singapore-based bank to join Contour’s beta network and completed the first fully digital Letter of Credit (LC) transaction on the platform last year. The bank has now moved from Contour’s beta network to its production network to offer streamlined digital LC transactions for customers across Australia, China, Hong Kong and Singapore from this month.