Xalts plans to launch an application ecosystem of embedded trade finance solutions on Contour's rails.
Singapore –News Direct–Xalts
Fintech backed by Accel and Citi Ventures Salzused by financial institutions and businesses to build and manage digital financial applications, today announced the launch of Contour Network, owned by a consortium of global banks, to accelerate digitalization in trade and supply chain finance. announced the acquisition of
Contour started in 2017 as a pilot with eight global banks, including HSBC, Standard Chartered and BNP, with a focus on digitizing trade. Currently, over 22 banks and over 100 global companies such as Tata Group and Rio Tinto are using Contour for their digital trade finance solutions.
Xalts is used by institutions to build multi-party applications for digitization and tokenization, leveraging Contour's industry-standard workflows and integrations to facilitate communications and transactions between businesses and financial institutions in their networks. We plan to promote this.
In 2023, global trade exceeded $30 trillion. However, the digitalization of global trade remains relatively small, with less than 1% currently being done digitally, according to QED Investors. Due to the complexity and varying regulations of cross-border trade, a single transaction can require up to 50 sheets of paper and involve up to 30 different parties, including importers, exporters, banks, logistics companies, and customs. may be exchanged with.
As global trade becomes increasingly consolidated and traditional supply chains are reorganized, Xalts takes inspiration from Silicon Valley startups like Plaid and Stripe to accelerate the digitalization of trade and supply chain finance . Ashutosh Goel, Xalts CEO Comments: “We want to create plaid for trade. Our vision is to expand the reach of Contour's network, trusted by banks and businesses, and to help businesses connect with their banking, fintech and technology partners. Our goal is to build on rails that provide access to digital solutions for trade and supply chain finance provided by Contour. By combining our platform with Contour's network, participants will be able to rapidly develop and deploy customized solutions. Masu.”
Xalts' initial focus is on embedded solutions for trade and supply chain finance. These enable banks, logistics companies, and technology companies to use a single platform to provide integrated solutions to businesses.
Many global and regional banks are driving deeper integration with their customers and global platforms. In 2023, HSBC announced a joint venture with Tradeshift, which develops embedded financial applications. “Our platform also enables institutions to leverage blockchain and tokenization to build new and innovative applications and products. We have partnered with leading blockchains and partnered with multiple infrastructure providers. to help clients build tokenized applications.” Supreet Kaur, Xalts COO. “Contour will enable our network members to collaborate with us and launch applications in this area.”
Xalts was founded in 2022 by Ashutosh Goel and Supreet Kaur, former senior executives at HSBC and Meta. Today, Xalts has a team of over 50 people with offices in Singapore, Hong Kong, India, UAE and the UK, and counts major financial institutions, regulators and technology companies as clients.
Abhinav Chaturvedi, Accel Partner He added: “Xalts has supported innovative companies around the world in this space. Xalts has demonstrated that it has the right vision and a team that can execute very quickly on a global scale.”
“Citi has long been a leader in driving innovation in financial services. We invested in Contour in 2020 and led the seed round for Xalts in 2022. By coming together as one company with a vision and a strong leadership team, we will accelerate innovation in global trade finance.” Mr. Everett Leonidas, Director of City Ventures.
Karl Wegner Who was the CEO of contour network He is expected to take on a senior leadership role at Xalts prior to this acquisition. “I am really proud of what Contour has been able to achieve in such a short period of time. .”
About Salz
Xalts was founded in 2022 by former HSBC and Meta executives Ashutosh Goel and Supreet Kaur and is backed by Accel and Citi Ventures. The company has offices in Singapore, Hong Kong, India, UAE and UK. For more information about Xalts, please visit: https://xalts.io/
Contact details
Salz
Bilal Mahmood
+44 7714 007257
b.mahmood@stockwoodstrategy.com
Company website
https://www.xalts.io/
View source version on newsdirect.com: https://newsdirect.com/news/fintech-platform-xalts-to-build-plaid-for-trade-as-it-acquires-contour-network-from-consortium-of -Global Bank-545625458
