Contour and Tinh Van Group Partner to Drive Digitalization in Trade Finance in Vietnam
2021-09-29 09:00:37
On September 29, 2021, a strategic partnership signing ceremony took place between Contour, the digital trade finance network, and Tinh Van Technology Joint Stock Company, one of the leading software solution providers in Vietnam. Tinh Van will integrate Contour's network with the back-office systems of banks and enterprises in Vietnam, enabling automated straight-through processing of Letters of Credit (LCs).
This event marks another increase in the number of Contour's system integration partners, such as IntellectEU, Mphasis, and ThoughtWorks China, which have helped deploy digital networks in the financial sector. The partnership with Tinh Van will help Contour expand and scale with customers in Vietnam – one of the company's key growth markets.
Heavy reliance on paper continues to create significant inefficiencies in the trade finance sector. Vietnamese companies often struggle with managing LCs due to the volume of required paperwork and the excessive time needed to complete transactions. Currently, each stage of LC processing can take up to 10 days in Vietnam, leading to tied-up working capital and slower export speed.
Contour's decentralized network overcomes this challenge by focusing on creating streamlined connections between transaction participants. Contour digitizes the LC process, reducing the time to settle traditional paperwork by over 90%, eliminating administrative barriers between buyers, sellers, and their financial institutions.
Through the partnership with Contour, Tinh Van's customers will benefit from easy collaboration and communication with their partners, replacing time-consuming legacy processes without disrupting daily operations.
"Our digital trade finance network connects transaction participants globally to enhance efficiency, cut costs, and improve access to finance. However, the key to driving adoption is simplifying the integration with the complex back-office systems that banks and companies have to deal with – and our partner Tinh Van has achieved that. We are thrilled to build a relationship with Tinh Van as we continue to grow our footprint with banks and enterprises in Vietnam."
"We are proud to partner with technology leaders like Contour. As a software development company, we are always looking for innovative products to support our customers in enhancing productivity and developing their digital transformation capabilities."
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About CONTOUR:
Contour is the leading digital trade finance network building a global standard for trade by bringing together the world's banks, companies, and ecosystem partners into a single, digital, and trusted network. Powered by innovation, trust, and collaboration, Contour uses decentralized technology to provide seamless integration with market-leading digital document systems and other digital networks, enabling instant trusted data flows across the world's trade routes and the current fragmented ecosystem. Contour was named Leader in Digitalizing Trade at the GTR Awards 2021.
www.contour.network
About Tinh Van:
Tinh Van Technology Joint Stock Company is a leading IT company in Vietnam with over 28 years of operation. Over the years, Tinh Van has established its position in the domestic and global markets through its core business activities.
Our strength as a corporation lies in our collective ability as IT experts to create solutions and continuously deliver these solutions to our customers. The members of the Group have achieved a solid track record in building IT solutions for customers across various industries, including Banking, Financial Services, and Insurance (BFSI).
In the future, Tinh Van will continue to implement the "Digital Synergies" strategy to serve customer interests and solve their problems around business expansion and succession by embracing innovation driven by digital transformation.
Tinhvan.com