Standard Chartered in Singapore has Launched a Blockchain-Based Digital Trade Finance Platform

Standard Chartered has partnered with Linklogis, a Chinese supply chain finance technology business, to build a blockchain-based digital trade finance platform. Amelia Ng of Standard Chartered will lead the new venture Olea. 

The objective is to integrate Standard Chartered trade finance and risk management experience with Linklogis’ supply chain technologies. 

The new company, which will be known as Olea, aims to attract institutional investors to supply chain financing as an alternative asset class. Olea will be based in Singapore and will be led by Amelia Ng, who previously worked for Standard Chartered as the global head of strategic initiatives in the corporate, commercial, and institutional banking (CCIB) division before moving to SC Ventures, the bank’s fintech and venture capital arm, to develop this business. 

There is undoubtedly a void to be filled. The Asian Development Bank estimates the global trade finance deficit to be $1.5 trillion in 2019, and has claimed that if such a big gap persists in impeding international trade, the United Nations Sustainable Development Goals will be jeopardized. 

The major purpose is to assist develop sustainable financing by channeling alternative liquidity from professional investors. 

PC: https://www.efinancialcareers.com/news/2021/07/jocelyn-tan-standard-chartered-head-transaction-banking-fx