Contour, a blockchain trade financing platform developed by HSBC and other eight banks, will be put into commercial operation in the second half of the year

According to the South China Morning Post, Contour, a blockchain trade financing platform developed by eight banks including HSBC and Standard Chartered Bank, plans to start commercial operations in the second half of this year after completing more than $ 30 million in letters of credit transactions in the second half of last year. Operations. Ajay Sharma, regional head of global trade and receivables financing for HSBC Asia Pacific, said that even during the new coronavirus epidemic, the use of blockchain-based letters of credit helped companies continue their business transactions. "Using blockchain for trade finance has overcome the physical limitations we face today," Sharma said. Sharma said eight banks, including CTBC Holding, ING, Bangkok Bank, BNP Paribas, SEB and Citi, have invested in Contour.