The UK-based multinational bank Standard Chartered Bank (StanChart) has launched a blockchain-powered trade finance platform through a joint venture with Chinese supply chain financial technology provider Linklogis.
The platform is called Olea and is designed to meet the needs of institutional investors who “look for opportunities for alternative asset classes in companies that require supply chain financing,” according to a statement. report From the Korea Herald published on August 30.
The joint venture operating the platform will be headquartered in Singapore, and Amelia Ng from StanChart’s SC Ventures will serve as the CEO. Letitiat Chau, vice chairman and chief risk officer of Linklogis, will serve as deputy chief executive officer.
Standard Chartered Bank became Linklogis became the first global bank investor in 2020, and a year later the two entities signed a memorandum of understanding to jointly explore and develop solutions for the supply chain financial ecosystem. The bank has previously worked with leading Chinese financial technology companies, including Alipay owner Ant Group. Trusple, a global trading platform based on AntChain already Used by Standard Chartered Bank, Citibank, DBS Bank, Deutsche Bank And many others.
According to reports, Olea is expected to help Standard Chartered improve its image in global digital trade finance, and the choice of implementing blockchain infrastructure will continue the bank’s Continuous participation in technology. Other multinational banks that specialize in using blockchain for trade financing Including HSBC, BNP Paribas and Citibank, Its joint platform is ready for commercial launch in Singapore in the second quarter of 2020.
Standard Chartered Bank has previously cooperated with many of the same banks through eTrade Connect to use blockchain for trade finance Blockchain trade finance platform launched in Hong Kong In 2018.
In the same year, the Digital trade finance platform we.trade -Including HSBC, Rabobank, Santander, Societe Generale, UniCredit, Deutsche Bank, And others as founding banks-and Hyperledger Fabric drive IBM Blockchain fully Its first on-site operation.