Standard Chartered Launches Blockchain-Based Trade Finance Platform – Bits Media

Standard Chartered Bank jointly with Chinese firm Linklogis, working in the field of fintech, launched Olea blockchain-based trade finance platform.

Standard Chartered says, the platform will be operated by a joint venture, registered in Singapore. Amelia NG will become the general director of Olea (Amelia ng), representative of the financial and venture unit of the London SC Ventures, And Flight of the Chau was appointed to the post of her deputy (Letitia Chau), Vice-Chairman and Director of Risk Management Linklogis.

Several investment options will be available to large clients of the platform to make a profit, Depending on their risk profile. In particular, They will be able to access a number of assets around the world, with "stop" to the Asian market, Africa and the Middle East.

Standard chartered management considers, that thanks to the Olea platform, the bank can get an advantage in the field of trade financing. Blockchain and artificial intelligence will more effectively process documentation and manage events, automate data exchange between suppliers and buyers, and also ensure the transparency of all business processes.

Standard Chartered and Linklogis began to cooperate in 2019 year to conduct joint research in the field of logistics and financing of trade operations. Standard Chartered is not the first to use blockchain. At the beginning 2019 The bank conducted the first transaction of the trade financing of the agricultural business using the platform, developed by Distributed Ledger Technologies.

“By combining Standard Chartered in the field of international trade and risk management, as well as innovative Linklogis technologies, The Olea platform modernizes the sphere of trade financing and will bring it to a new level ", - said Amelia NG.

Last year, a group of eight banks, Including HSBC, THE и Cith, launched a trade financing platform after successful testing.