Standard Chartered introduces blockchain trade platform with Linklogis

Standard Chartered introduces blockchain trade platform with Linklogis

by Pranali Mehta

Standard Chartered, a global banking corporation based out of the United Kingdom, has reportedly introduced a new blockchain-based trade finance platform in collaboration with a China-based supply chain finance technology firm, Linklogis.

According to credible sources, the platform dubbed, Olea, would focus on addressing the requirements of institutional investors who are looking for opportunities within an alternative asset class with enterprises requiring supply chain financing.

The platform's joint venture will be based out in Singapore, with Ng from Standard Chartered's SC Ventures serving as CEO. Linklogis' Vice Chairman and Chief Risk Officer, Letitia Chau, will serve as the deputy CEO.

In 2020, Standard Chartered became the first global bank investor that invested in Linklogis, one year after the two companies had signed a MoU to collaboratively research and develop supply chain financing solutions.

The bank has previously collaborated with Chinese fintech giants such as Alipay’s parent Ant Group, whose Trusple, the Antchain-based global commerce platform, is utilized by Standard Chartered, Deutsche Bank, DBS Bank, and Citi Bank among others.

Standard Chartered is expected to use Olea to enhance its profile in global digital trade finance, and the bank's decision to deploy a blockchain infrastructure further continues its engagement with the technology. HSBC, BNP Paribas, and Citi are among the other international banks that have used blockchain for trade financing, with a joint platform rolled out in Singapore in the second quarter of 2020.

Standard Chartered has previously partnered with some of these same institutions on leveraging blockchain for trade financing via the eTrade Connect blockchain-powered trade finance network, which was launched in Hong Kong back in 2018.

In 2018, digital trade finance platform, whose founder banks include Rabobank, HSBC, Societe Generale, Santander, UniCredit, Deutsche Bank, and others, completed its first live operations using IBM blockchain.

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Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...