As global commerce begins to recover from the pandemic, Contour is operating a new lab collaborating with banks and businesses, among others, to work on digital native commerce finance, a press release from Wednesday, June 30, said.
Singapore-based Future of Finance Lab will tackle inefficiencies by streamlining workflows and making commerce more accessible, the statement said.
Global trade is expected to grow 8% in 2021 after being ravaged by the economic effects of the COVID-19 pandemic.
Part of Contour’s work will involve an end-to-end business service, allowing businesses, financiers and partners to interact seamlessly throughout a financial and physical supply chain, the statement said.
In addition, Contour also plans to move into other areas of trade finance and has formed a new internal team, which is expected to double in size next year, according to the press release.
Carl Wegner, CEO of Contour, said: “With the launch of the Future of Finance Lab, we are excited to step up our innovation efforts as we develop digital infrastructure for industry, making commerce more accessible, simple and effective for everyone. Singapore is the perfect environment for innovation, and we look forward to collaborating with our network both locally and globally as we work together to build the future of commerce.
Singapore was chosen because of a combination of its innovation environment, friendly regulations and a FinTech ecosystem that has been thriving in recent times. Sopnendu Mohanty, Director of FinTech at the Monetary Authority of Singapore (MAS), said the organization believes that “various digital solutions and connectors interacting seamlessly can make borderless commerce more efficient and, as a result, accelerate the recovery of world trade ”.
Contour recently concluded a blockchain transaction between two textile companies. Wegner said at the time that it showed the future of commerce, in which paper-based processes would follow the dinosaur’s path in favor of new digital methods.