Standard Chartered, the UK-based multinational banking organisation has launched a blockchain-powered trade finance platform in collaboration with Linklogis, a China-based supply chain finance technology provider.
The aforementioned platform, dubbed Olea, will aim to meet the requirements of institutional investors that are looking for opportunities in an alternative asset class with businesses in need of supply chain financing, as per a report published by The Korea Herald recently.
It is to be noted that the joint venture operating the platform will be headquartered in Singapore and Ng from Standard Chartered’s SC Ventures will head the operations as its CEO. The Vice Chairman and Chief Risk Officer of Linklogis, Letitia Chau will work as deputy CEO.
Olea is allegedly anticipated to assist Standard Chartered raise its profile in global digital trade finance, and the possibility to put into practice a blockchain infrastructure continues the bank’s continuing engagement with the technology. Other multinational banks that have utilized blockchain for trade finance particularly include BNP Paribas, HSBC, and Citi, whose shared platform was prepared for commercial launch in Singapore in the 2nd quarter of last year.
Notably, Standard Chartered has itself earlier collaborated on using blockchain for trade finance with several of the aforementioned banks through the eTrade Connect blockchain trade finance platform launched in Hong Kong in 2018.
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