Digital trade finance network Contour has partnered with the Global Shipping Business Network (GSBN) to offer an end-to-end digital solution for all participants involved in trading, financing and shipping goods around the world, says an article published on contour website.
GSBN
Pandemic-induced lockdowns and the subsequent explosive growth in e-commerce, have pushed the logistics industry to its limits, but inefficient manual processes are still commonplace and are creating bottlenecks.
GSBN’s blockchain-enabled operating system and its product Cargo Release enables highly efficient and transparent digital sharing of verified logistics and cargo data. This streamlines business operations across the whole supply chain, cutting the time for cargo to be document ready for release from days to a matter of hours.
Partnership
The partnership with Contour’s network, which digitises paper-based trade finance processes such as Letters of Credit (LCs), will drive interoperability for users of both solutions. By harnessing both solutions, corporates can experience a seamless connection between the physical supply chain and the financial system.
The partnership will support the entire workflow involved in trading goods around the world – from accessing trade finance and managing the documents underpinning the shipping process, to having goods released from a port.
GSBN’s large and growing footprint complements Contour’s established presence as a leading digital trade network across Asia and beyond. Contour continues to expand its network of partners across the region, and recently launched its first domestic offering in Bangladesh.
Based in Hong Kong, GSBN is the world’s first independent, not-for-profit technology consortium to build a blockchain-enabled operating system to redefine global trade.
Its founding members include major global shipping lines and terminal operators accounting for one in every three containers handled in the world. These include COSCO SHIPPING LINES, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International and Shanghai International Port Group.
Summary
- Digital trade finance network Contour has partnered with the Global Shipping Business Network (GSBN) to offer an end-to-end digital solution for all participants involved in trading, financing and shipping goods around the world.
- Pandemic-induced lockdowns and the subsequent explosive growth in e-commerce, have pushed the logistics industry to its limits.
- GSBN’s blockchain-enabled operating system and its product Cargo Release enables highly efficient and transparent digital sharing of verified logistics and cargo data.
- The partnership with Contour’s network, which digitises paper-based trade finance processes such as Letters of Credit (LCs), will drive interoperability for users of both solutions.
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Source: contour
