Contour, the global trade finance network, announced today that Thailand’s Krungthai Bank is joining its expanding production network.
Krungthai is one of Thailand’s leading commercial banks that is supporting the country’s growing status as a key export hub to the world. Thailand’s export growth has remained strong due to the weaker baht. In 2021, it exported a total of $294 billion worth of goods.
Digital developments in trade finance are crucial to supporting economic growth and unlocking more opportunities for industries and corporates to scale. Contour’s decentralised network optimises efficiency, speeds up turnaround times and provides greater transparency and security.
Joining Contour’s network will allow Krungthai’s customers to adopt a fully digital end-to-end Letter of Credit (LC) settlement process, including the transfer of electronic trade and title documents. Manual, paper-based processes slow down trade growth by adding a layer of complexity and costs. By using a digital LC, the process of presenting documents is reduced to under 24 hours.
Carl Wegner, CEO at Contour said: “Our vision is to create the trade finance network of the future by leveraging technology to streamline and simplify complex trade finance processes. By joining our growing ecosystem of banks and partners, Contour is aligning with Krungthai Bank’s efforts to drive greater efficiencies in trade and unlock strategic value for its corporate customers.”
Tawatchai Cheevanon, Senior Executive Vice President, Head of Global Transaction Banking Group at Krungthai Bank said: “Krungthai, as a leading commercial bank in Thailand, is committed to developing its tech capacity as well as comprehensive, innovative financial solutions in order to uplift the quality of life of all groups of people and customers as well as advancing the Thai economy’s sustainable growth, which is in alignment with its vision ‘Growing Together for Sustainability.’”