FinTech platform Xalts has acquired Contour Network from a consortium of global banks.
The move aims to accelerate digitalization in trade and supply chain finance, and Xalts plans to combine Xalts' expertise in digital financial applications with Contour's established network connecting banks and businesses worldwide. said in a press release on Tuesday (February 20).
Contour Network was founded in 2017 by eight global banks and has since grown to more than 22 banks and 100 global companies using its digital trade finance solutions, according to a release.
Xalts plans to leverage Contour's industry-standard workflows and integrations to facilitate communications and transactions between businesses and financial institutions within its network, the release states.
Xalts founders Ashutosh Goel and Supreet Kaur aim to create 'Plaid for Trade', expanding the reach of Contour's network to enable businesses to access trade services offered by banks, fintechs and technology partners. and aims to provide access to digital solutions for supply chain finance. release.
The goal is to provide a platform where participants can quickly and efficiently develop and deploy customized solutions, according to the release. Xalts will focus on embedded solutions for trade and supply chain finance, enabling banks, logistics companies, and technology companies to offer integrated solutions to enterprises through a single platform.
In addition, Xalts is committed to innovation in blockchain and tokenization, enabling institutions to leverage these technologies to build new applications and products, the release states. The company partners with leading blockchain and infrastructure providers to help clients develop tokenized applications.
Accel and Citi Ventures backed Xalts, recognizing its global scale and potential for rapid execution, according to the release. Xalts continues to expand its presence across offices in Singapore, Hong Kong, India, United Arab Emirates, and the United Kingdom.
In April 2023, Citi India leveraged Contour to conduct its first blockchain-enabled letter of credit transaction. This was the bank's first transaction with Contour Networks, of which Citi is a founding member bank.
In this transaction, the letter of credit documentation was completed in 3 hours instead of the usual 5-10 days.
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