Multinational banking firm, Standard Chartered, has introduced a trade finance platform powered by blockchain in partnership with Linklogis, a Chinese supply chain tech provider. The platform is called ‘Olea’ and will help investors explore opportunities in different asset classes with businesses that need supply chain financing.
According to a report by Korea Herald, the platform will have its operations headquarters in Singapore. Letitia Chau, the chief risk officer and vice chairman of Linklogis, will act as the deputy CEO of the platform and have Amelia Ng, an official from Standard Chartered, as the president.
Olea will boost Standard Charter’s position in digital trade finance as a considerable solution for banks that tie documentations to trade finance operations. It will also act as a solution for banks that manage events digitally. Some financial institutions that have started using blockchain for trade finance include BNP Paribas, Citi, and HSBC. These institutions had a joint platform ready for commercial launch in Singapore in late 2020.
The partnership between Linklogis and Standard Chartered began in 2019 when the two companies worked together to research the supply chain finance ecosystem. Then in 2005, Standard Chartered opened a Korean unit as a subsidiary after the banking giant acquired Korean First Bank. The Korean unit’s net profit increased by 1.5% on-year to 184.8 billion, and its profit grew by 1 percent to238.9 billion within the same period.
Image Credits: Pixabay
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