Singapore-based fintech platform Xalts, backed by Accel and Citi Ventures, has announced its acquisition of Contour Network, previously owned by a consortium of eight global banks including HSBC, Standard Chartered, and BNP, with a focus on digitising trade. Originally launched in 2017 as Voltron and established as a decentralised global trade finance network in 2020, Contour aimed to create a common platform for seamless collaboration and secure real-time transactions, aiming to reduce complexity and costs in trade finance using cutting-edge technologies.
