Singaporean fintech firm Xalts acquires digital trading platform Contour Network

Singaporean fintech startup Xalts has announced the acquisition of the digital trade platform Contour Network, which was established by eight major banks including HSBC, Standard Chartered Bank, and BNP Paribas. The terms of the transaction have not been disclosed, but the acquisition price is said to be several million dollars, consisting of cash and stock.

With the support of Accel and Citi Ventures, Xalts enables financial institutions to build and manage blockchain-based applications. Contour was initiated in 2017 by a consortium of eight banks with the aim of digitizing trade, and is currently used by more than 100 global enterprises and 22 banks, including Tata Group, Rio Tinto Group, and SAIC Motor Corporation.