HSBC has become the first production member of Contour’s global trade finance network, which was launched earlier this year.

The UK bank worked with Contour before its inception as a project in the RS consortium and has continued to work with the business throughout the process of its establishment.

Through its range of partners, HSBC will be able to decide which other technologies they can collaborate with on the network and further streamline their activity – whether it is through directly linking back-office systems to Contour’s network or digitising key documentation such as the bills of lading.

"A key focus for our network is to emphasise the interoperability and accessibility that Contour provides,” said Carl Wegner, chief executive, Contour. “Contour was developed to be used by the entire industry – from a small, yet international, corporate in a developing market to the world’s largest traders and banks.

“Our work with HSBC has shown the benefits this network provides and having them as a full production member highlights the value that we have been able to offer to the bank. As we round off 2020 – a year of significant challenges for trade – we hope to deliver a solution that is scalable, accessible and meets the demands of international trade today.”

Vinay Mendonca, global head of products and propositions at HSBC said: “HSBC is delighted to be Contour’s first production customer, using its commercialised blockchain trade finance platform.

“As the world’s largest trade bank, we’re constantly looking for innovative ways to build smarter businesses, serve our clients better and help them increase trade. We are proud to have been on this journey, developing blockchain technology to simplify documentary trade financing, since the very beginning.”

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