Standard Chartered Bank has partnered with Chinese fintech firm Linklogis to launch Olea, a blockchain-based trade finance platform.
According to Standard Chartered, the platform will be operated by a joint venture registered in Singapore. Olea will be CEO of Amelia Ng, from finance and venture capital at London-based SC Ventures, and will be replaced by Letitia Chau, Vice Chair and Chief Risk Officer at Linklogis.
Large clients of the platform will have access to several investment options to make a profit, depending on their risk profile. In particular, they will be able to gain access to a range of assets around the world, with an “emphasis” on the markets of Asia, Africa and the Middle East.
Standard Chartered believes the Olea platform can give the bank an edge in trade finance. Blockchain and artificial intelligence will allow for more efficient processing of documents and event management, automate the exchange of data between suppliers and buyers, and also provide transparency of all business processes.
Standard Chartered and Linklogis partnered back in 2019 to conduct joint research in logistics and trade finance. This is not the first time Standard Chartered has adopted blockchain. In early 2019, the bank completed its first agricultural trade finance deal using a platform developed by Distributed Ledger Technologies.
“By combining Standard Chartered’s expertise in international trade and risk management with innovative Linklogis technologies, the Olea platform will modernize the trade finance industry and take it to the next level,” said Amelia Ng.
Last year, a group of eight banks including HSBC, ING and Citi launched a trade finance platform after successful testing.
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