Contour, the digital trade finance network, has partnered with its first systems integrator in Vietnam, Tinhvan Technologies – one of the country’s leading IT solutions providers. Tinhvan will integrate Contour’s network with the back-office systems of Vietnamese banks and corporates to enable automated straight-through processing of Letters of Credit (LCs).
The announcement marks another addition to Contour’s growing number of systems integration partners, with IntellectEU, Mphasis, and ThoughtWorks China, already helping to implement the digital network across the financial sector. The partnership with Tinhvan will help Contour expand and scale with clients in Vietnam – one of its major growth markets.
Overreliance on paper continues to generate significant inefficiencies in the trade finance industry. Vietnamese companies often find LCs difficult to manage because of the abundance of paper documents needed as well as the time required to complete the transaction. At present, each stage of LC processing can take up to 10 days in Vietnam which leads to a tie-up of valuable working capital and slower export speed.
Contour’s decentralised network overcomes this challenge, with a focus on creating streamlined connections between trade participants. Contour digitises the LC process, shortening the settlement time involved in traditional paperwork by over 90%, removing the administrative barriers between buyers, sellers, and both their financial institutions.
With this partnership, Tinhvan’s clients will benefit from frictionless collaboration and communication with their counterparties, replacing time-consuming legacy processes without having to disrupt day-to-day operations.
Carl Wegner, Chief Executive Officer at Contour, said: “Our digital trade finance network connects trade participants across the globe to enhance efficiency, cut costs and improve access to financing. However, the key to driving adoption is to simplify integration with the often-complex legacy systems banks and corporates are forced to deal with in the back office – and our partnership with Tinhvan Technologies does just that. We’re excited to build on our relationship with Tinhvan as we continue to grow our footprint amongst banks and corporates in Vietnam.”
Hoang To, Chief Executive at Tinhvan Technologies, said: “We pride ourselves on partnering with firms at the forefront of technology like Contour, and as a software development company, we are always seeking innovative products that assist our customers in enhancing their productivity and growing their digital businesses transformation (DX) capabilities.”
