Saudi Arabian, Saudi British Bank (SABB) is utilizing Contour Blockchain platform to enhance trade finance by improving letter of credit and guarantee procedures for enterprises and international businesses. SABB is working with local fintech entity Bwatech. SABB is now the first bank in KSA to provide the ability to exchange commercial documents digitally, facilitate the procedures for letters of credit using a decentralized technology, and reduce dependency on paper documents and the time required for document settlement in commercial transactions.   The Blockchain enabled Contour platform improves transaction security because the data that is shared on the network enjoys a high degree of protection and privacy, which reduces the risk of fraud. The Bwatech platform boosts the automation of bank guarantees. This service aims to replace paper-based procedures with advanced technical methods by linking banks issuing these guarantees with their beneficiaries to expedite ...