Tata Power partners with Contour for blockchain-based digital trade finance network
National, 01 February 2023: Tata Power, one of India’s leading integrated power companies, has partnered 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 uses decentralised technology (blockchain) to bring together companies, banks and ecosystem partners, onto a trusted network, to help create a streamlined digital trade finance workflow. The integration enables trusted data flow across the world’s trade routes and current fragmented ecosystems.
Manual and paper-based processes in finance slow trade growth by creating additional complexity and costs. By joining Contour’s network, Tata Power is implementing an end-to-end digital Letter of Credit (LC) settlement process. The company will gain 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.
Mr. Sanjeev Churiwala, Chief Finance Officer, Tata Power said, “Tata Power’s collaboration with Contour will pave the way for a seamless trade finance process – one that can be made significantly efficient with the robust blockchain-based solution. The association is in line with the government’s vision of transforming the country’s financial ecosystem into a digital one, and is also consistent with our organization’s ambition of being sustainability driven and future-ready.”
Carl Wegner, CEO at Contour said: “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.”
Tata Power continues to not only build on one of India’s most comprehensive renewable energy platforms but also continues its transition to become a utility of the future by focussing on sustainability, digitisation and customer oriented smart energy businesses for a new energy world