Standard Chartered Launches Blockchain-based Trade Finance Platform

2021-09-03 23:52:16 Primitive Reading

The British multinational banking institution – Standard Chartered – has teamed up with the financial technology company – Linklogis – to launch a new blockchain-based digital trade finance platform. It comes by the name of Olea, and its goal would be to bring together “institutional investors seeking opportunities in an alternative asset class with businesses requiring supply chain financing.”

‘Olea is Positioned to Reinvent Finance’

London-based bank Standard Chartered would reportedly broaden its product line by launching a blockchain-based digital trade finance platform named Olea. To do so, the financial institution joined forces with the fintech firm Linklogis.

The joint venture’s headquarter would be in Singapore as both companies would equally manage the platform. Olea is designed to develop Standard Chartered’s digital trade finance services, such as managing documentation and events digitally.

The CEO of the platform would be Amelia Ng – an official from SC Ventures (the fintech unit of the British bank). She opined that the collaboration could turn to be highly beneficial for the finance sector:

“By marrying Standard Chartered’s international trade and risk management expertise and unparalleled knowledge of Asia, Africa, and the Middle East with Linklogis’ innovations in supply chain technology, Olea is uniquely positioned to reinvent trade finance and be a force for good.”

In her turn, Letitia Chau – chief-risk officer and vice chairman of Linklogis – would serve as deputy CEO of the new platform.

It is worth noting that Standard Chartered and Linkolgis share a history. Back in 2019, the companies teamed up to explore the supply chain finance ecosystem.

Standard Chartered’s Previous Crypto Endeavors

At the beginning of June, one of the leading banks in the UK – Standard Chartered – became the next financial institution to join the cryptocurrency craze. Back then, it presented plans to launch a brokerage and exchange platform in Europe by the end of 2021.

The project would serve the bank’s European institutional clients, who would be able to trade bitcoin, ether, and other digital assets. A few entities would jointly operate it. More specifically, SC Ventures and BC Technology Group.

“We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class,” commented Alex Manson – an executive at SC Ventures.

StanChart’s move came not as a surprise since at the end of last year, its CEO – Bill Winters – said that digital assets’ creation and adoption are “absolutely inevitable.” He added that both the private sector and government-backed entities would lead the rollout of cryptocurrencies.

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