In a role reversal, Xalts, a Singapore fintech startup founded 18 months ago, has acquired Contour Network, a digital trade platform set up by eight major banks including HSBC, Standard Chartered and BNP.
Backed by Accel and Citi Ventures, Xalts enables financial institutions to build and manage blockchain-based apps.
The startup plans to turn Contour into a rail connecting banks, corporations and other institutions, and integrate it with Xalts’ platform.
Kaur says this will enable Xalts’ clients to not only build apps, but also connect with each other in a secure and compliant way.
It will focus first on enabling banks and logistics companies to offer embedded trade and supply chain apps on a single platform to their customers.
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