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Standard Chartered revealed on Monday, Aug. 30, that it has opened a blockchain digital trade finance platform. The London, England-headquartered financial services company said that it was launched through a joint venture with Linkologis, a supply chain financial tech company based in Shenzhen, China.
According to The Korea Herald, Standard Chartered named the platform “Olea,” and it will be operated by the two companies in Singapore where it will be headquartered. The aim of creating the platform is to bring together institutional investors that are looking for opportunities in an alternative asset with businesses that need supply chain financing.
While Standard Chartered and Linklogis will both run Olea, it will be headed by Amelia Ng, managing director at SC Ventures, the fintech and ventures division of Standard Chartered Bank. She will be the chief executive officer, and Letitia Chau, Linklogis’ vice chairman and chief risk officer, will be the deputy CEO.
“By marrying Standard Chartered’s international trade and risk management expertise and unparalleled knowledge of Asia, Africa, and the Middle East with Linklogis’ innovations in supply chain technology, Olea is uniquely positioned to reinvent trade finance and be a force for good,” Ng said.
Korea Joongang Daily reported that on the platform, investors will be given full access to a range of trade finance opportunities worldwide, specifically in Asia. On the other hand, as stated by the financial-banking group, the supply chain partners will be able to access financing through a transparent process.
Amelia Ng said that “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."
In any case, Olea is predicted to assist Standard Chartered in securing the upper hand in the area of digital trade finance, which is a term for many financial instruments that are being utilized by firms to open doors for international trade. To put it simply, it is a solution that can be applied to banks seeking to digitally manage events and documentation related to the usual trade finance operations.
