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Amelia Ng, CEO of SC Ventures, will lead the joint venture that will operate the new blockchain-powered portal.
Standard Chartered, a multinational banking firm based in the United Kingdom, has established a blockchain-powered trade finance platform in collaboration with Chinese supply chain finance technology supplier Linklogis.
Dubbed Olea, the platform will aim to meet the needs of institutional investors that are “seeking opportunities in an alternative asset class with businesses requiring supply chain financing,” according to a report from The Korea Herald published on Monday.
The joint venture operating the platform will be headquartered in Singapore, where Ng from Standard Chartered’s SC Ventures will lead as its CEO. Letitia Chau, vice chairman and chief risk officer of Linklogis, will serve as deputy CEO.
Standard Chartered became Linklogis’ first global bank investor in 2020, one year after the two entities had signed a memorandum of understanding to jointly explore and develop solutions for the supply chain finance ecosystem. The bank has already collaborated with Chinese fintech heavyweights such as Alipay owner Ant Group, whose Antchain-based global commerce platform, Trusple, is utilised by Standard Chartered, Citi, DBS Bank, Deutsche Bank, and others.
Olea is said to be helping Standard Chartered enhance its profile in global digital trade finance, and the decision to instal a blockchain infrastructure is part of the bank’s continued engagement with the technology. Other international banks that have used blockchain expressly for trade finance include HSBC, BNP Paribas, and Citi, whose integrated platform is set to be live in Singapore in the second quarter of 2020.
Standard Chartered has already collaborated on leveraging blockchain for trade financing with several of these same institutions through the eTrade Connect blockchain trade finance network, which was launched in Hong Kong in 2018.
The same year, We.trade, a digital trade finance platform founded by HSBC, Rabobank, Santander, Societe Generale, UniCredit, Deutsche Bank, and others, completed its first live operations on the Hyperledger Fabric-powered IBM blockchain.