Contour, the leading digital trade finance network, announced today that South Korea’s largest trading company, POSCO International, is joining its expanding production network.
As a globally integrated corporation building the future of business, POSCO International has over 80 global networks, extending into fields such as energy, steel, agro-resources and components materials.
As a champion of sustainability, POSCO International is pushing towards a net-zero carbon future by accelerating its adoption of digitisation processes across the board. By joining Contour’s network, POSCO International and its trade ecosystem will be able to adopt a fully digital end-to-end Letter of Credit (LC) settlement process. Using a digital LC reduces the process of presenting documents to under 24 hours and most importantly, eliminates the need for paper.
Trade finance is heavily reliant on many paper-based processes, which is a serious hindrance to environmental sustainability. Digitising trade finance eliminates the need for paper documents, streamlines the complex process and reduces costs, paving the way for a more efficient and greener approach to business.
Carl Wegner, CEO at Contour said: “POSCO International’s decision to join Contour’s growing trade finance network is a testament to its efforts to champion sustainability. Digitisation doesn’t only eliminate paper-based processes that are prevalent in the industry, it also sets a new standard for POSCO International and its trading partners. We are excited to widen our footprint in South Korea and accelerate the shift towards a digital and sustainable future.”
Wonjae Park, Senior Vice President at POSCO International said: We are pleased to announce our collaboration with Contour, which leads innovative change in digital trade finance. By digitising the LC process through Contour’s solution, we will simplify trade operations and establish a sustainable trade environment through Paperless trade. POSCO International will maintain a strong partnership with Contour to lead the digitalisation of trade finance in Korea and create new opportunities.