Contour, the leading digital trade finance network, announced today that Al Rajhi Bank is joining its production network.
Based in Riyadh, Al Rajhi Bank is one of the largest banks in the Middle East and the largest bank in Saudi Arabia by market capitalisation. It is also the world’s largest Islamic Bank. By joining Contour’s network, its customers across the region will be able to adopt a fully digital end-to-end Letter of Credit (LC) settlement process. Traditionally, the process for presenting documents for an LC can take up to two weeks, whereas using Contour reduces it to under 24 hours.
Leveraging the power of distributed ledger technology, Contour and its ecosystem of banks, corporate clients and trade partners are working together to build a trade finance network of tomorrow.
As Saudi Arabia makes progress in realising its Vision 2030 to create a more diverse and sustainable economy, this is reflected in the International Monetary Fund’s forecast for the Kingdom’s economy to grow at its fastest pace in a decade. The IMF expects the Saudi economy to register 7.6 percent growth this year.
The Kingdom is also building on its strategic location as a driver of international trade to connect Africa, Asia and Europe. Simplifying and streamlining a crucial trade finance process can help Al Rajhi’s clients unlock further opportunities to retain their competitive edge.
Carl Wegner, CEO at Contour said: “We are thrilled to have Al Rajhi Bank on board as we grow our digital trade finance network in the Middle East. With growing momentum in trade digitisation across the region, Contour’s partnership with Al Rajhi is significant as Saudi Arabia cements its position at the heart of trade between Europe, Asia and Africa.”