Standard Chartered Bank Implements Blockchain Trading Platform
Standard Chartered Bank and Linklogis have joined forces to launch the Olea blockchain platform.
Standard Chartered Bank is one of the most renowned British banks specializing in international banking and finance. Approximately 90% of its profits come from Asia, the Middle East and Africa. The company has over 1200 branches and divisions, including subsidiaries and joint ventures, in more than 70 countries. The bank can be called universal, operating in the field of consumer, corporate, institutional banking and treasury services.
Standard Chartered believes that the launch of a new blockchain platform will allow large players to get various ways to invest in order to make a profit. The platform will make available many assets around the world, as well as to the markets of Asia, the Middle East and Africa, which are of particular interest to investors lately.
Standard Chartered is confident that the Olea platform will provide an edge in trade finance. Blockchain and integrated artificial intelligence will make it possible to process documentation faster and more efficiently, improve automated data exchange between suppliers and buyers, and most importantly, guarantee transparency at all stages of the process.
"By combining Standard Chartered Bank's expertise in international trade with Linklogis' innovative technologies, the Olea platform is modernizing the trade finance industry and taking it to the next level."
Standard Chartered Bank has looked to blockchain technology in the past to improve its productivity and operational efficiency. Back in 2020, the Singapore branch of the company carried out a deal to finance trade in agricultural enterprises, through the blockchain platform.
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