Contour Innovation Lab will focus on digital B2B trade finance

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.



About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research-based and interview-based report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare and other industries.

Previous New area code 472 in Wilmington, Southeastern North Carolina
Next Consumer Supported Agriculture Box Benefits Feast Down East