Tata Power Partners with Contour for Blockchain-Based Digital Trade Finance Network
(2 February 2023 – India) Tata Power, one of India’s leading integrated power companies, has entered into a partnership with Contour, a leading digital trade finance network based out of Singapore, to make its financial management process more robust, transparent and efficient.
Contour’s network utilises decentralised technology (blockchain) to bring together companies, banks and ecosystem partners, onto a trusted network, to support a more streamlined digital trade finance workflow. The integration allows trusted data flow across the world’s trade routes and current fragmented ecosystems.
By joining Contour’s network, Tata Power is implementing an end-to-end digital letter of credit (LC) settlement process. The company will benefit from using a digital LC, since it will enable it to present documents in less than 24 hours, as opposed to the usual 5–10 days of a traditional process.
“As a leading energy player in India with an expanding international footprint, Tata Power is fuelling its growth by digitally transforming its trade finance process. By joining our network of 130+ corporates, Tata Power will be able to unlock more value and drive greater efficiency in trade through our digital solution,” said Contour CEO, Carl Wegner.