Standard Chartered Partners with Linklogis to Establish Blockchain Trade Finance Platform

The UK-based multinational financial institution Customary Chartered has established a three way partnership with Chinese language provide chain finance know-how firm Linklogis to create a blockchain-based commerce finance platform.

Blockchain Commerce Finance Enterprise in Singapore

Customary Chartered made the announcement in a press release on Monday (August 30, 2021). In response to the financial institution, the brand new platform could be referred to as Olea. 

Olea, which leverages blockchain know-how, shall be headquartered in Singapore. The proposed new commerce finance platform will join institutional buyers who’re searching for an alternate asset class, with provide chain companies who search entry to financing. 

In response to the press launch, buyers shall be uncovered to a variety of commerce finance property globally, with a concentrate on Asia, whereas the companies, however, can acquire financing by seamless and clear processes.

In the meantime, Amelia Ng, Managing Director of SC Ventures, Customary Chartered’s innovation and fintech unit, would be the CEO of Olea, whereas Linklogis’ Vice-Chairperson and Chief Danger Officer Letitia Chau would be the deputy CEO. 

Commenting on the most recent improvement, Ng mentioned:

“By marrying Customary Chartered’s worldwide commerce and threat administration experience and unparalleled data of Asia, Africa and the Center East with Linklogis’ improvements in provide chain know-how, Olea is uniquely positioned to reinvent commerce finance and be a pressure for good.”

Chau additionally spoke concerning the new blockchain-based commerce finance platform, saying:

“The brand new three way partnership, Olea, presents an agile and sturdy platform, utilizing blockchain and AI know-how to drive distinctive effectivity and transparency for suppliers looking for reasonably priced and handy financing.”

The partnership between Customary Chartered and Linglogis started again in 2019 after each events signed a memorandum of understanding (MoU). Each corporations agreed to develop improvements geared in direction of partaking the availability chain finance sector. Later in 2020, the UK financial institution bought an fairness stake in Linklogis, for an undisclosed sum.

Customary Chartered and Blockchain Expertise 

Customary Chartered has continued to leverage blockchain know-how for varied use instances. Again in 2019, the financial institution completed a pilot of the primary blockchain-powered cross-border Line of Credit score (LC) for oil and gasoline corporations.

In August 2020, Customary Chartered additionally completed Bangladesh’s first blockchain-based commerce transaction by issuing a Letter of Credit score for garment producer Viyellatex. 

Later in December, the UK financial institution partnered with UnionBank to launch a bond issuance platform based mostly on distributed ledger know-how (DLT). 

Aside from blockchain, Customary Chartered has additionally proven curiosity within the cryptocurrency trade. As reported by BTCManager in June 2021, a unit of the financial institution was contemplating making a crypto brokerage and alternate platform in Britain and Europe.

Customary Chartered’s digital asset custody unit, together with multinational monetary companies big Constancy Investments and TP ICAP teamed up, with plans to establish a cryptocurrency trading platform, in response to rising shoppers’ demand for crypto.