Standard Chartered announce blockchain trade finance partnership

UK-based banking giant Standard Chartered has announced a partnership with Linklogis to create a new platform for trade finance that aims to unlock the power of blockchain and AI for international logistics capital.

The partnership is focussed on creating ‘Olea’ – a project it describes as a fully-digitised trade finance origination and distribution platform. It will utilise blockchain technology and AI to bring together institutional investors seeking opportunities in alternative asset classes with businesses requiring supply chain financing.

Standard Chartered’s relationship with Linklogis’ began in February 2019 when both companies signed a memorandum of understanding to explore the co-creation of innovation solutions that will support the supply chain finance ecosystem.

The Singapore-based venture targets investors in Asia, and will enable them to gain access to a full range of trade finance assets globally.

Supply chain partners can access financing via a transparent and frictionless cryptographic blockchain processes, this provides a speedier and hassle-free way to access working capital for supply chain participants regardless of size.

Bridging investors and supply chains

Amelia Ng, the head of Olea, was excited as she described what the innovation – a blockchain-based financing platform – could bring to the international logistics industry.

“Standard Chartered’s international trade and risk management expertise and unparalleled knowledge of Asia, Africa and the Middle East,” she said.

“With Linklogis’ innovations in supply chain technology, uniquely position Olea to reinvent trade finance and be a force for good.

“Olea aims to disrupt today’s trade finance model by matching suppliers’ financing needs with alternative liquidity from investors seeking a compelling asset class linked to the real economy.”

Charles Song, founder, chairman and CEO of Linklogis, explained how bridging blockchain finance with supply logistics would play a role in the ongoing global economic transformation.

“The advent and application of emerging technologies have become an important driving force for the global economic transformation, and new technologies are being implemented in many fields such as trade finance and supply chain finance,” he said.

“Linklogis, as China’s largest technology solution provider for supply chain finance, can bring its top-notch operating experiences and industry-leading technologies into Olea.

“We believe that the joint effort between the two firms can take the lead in operating a flexible, sustainable and scalable supply chain financing business proposition.”

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