Singapore-based fintech Xalts acquires digital trade platform Contour Network
In a role reversal, Xalts, a Singapore fintech startup founded 18 months ago, has acquired Contour Network, a digital trade platform set up by eight major banks including HSBC, Standard Chartered and BNP. Backed by Accel and Citi Ventures, Xalts enables financial institutions to build and manage blockchain-based apps. Contour was started in 2017 by a consortium of eight banks to digitize trade and is currently used by 22 banks and more than 100 global business including Tata Group, Rio Tinto and SAIC.