United kingdom-based multinational banking business firm Standard Chartered has launched a blockchain-powered trade finance platform through a articulation venture with Chinese supply chain finance engineering provider Linklogis.

Dubbed Olea, the platform will aim to meet the needs of institutional investors that are "seeking opportunities in an alternative asset course with businesses requiring supply chain financing," co-ordinate to a report from The Korea Herald published on Monday.

The articulation venture operating the platform will exist headquartered in Singapore, where Ng from Standard Chartered's SC Ventures will lead as its CEO. Letitia Chau, vice chairman and principal take a chance officer of Linklogis, will serve every bit deputy CEO.

Standard Chartered became Linklogis' commencement global depository financial institution investor in 2022, one year after the two entities had signed a memorandum of understanding to jointly explore and develop solutions for the supply chain finance ecosystem. The bank has previously worked with China-based fintech leaders that include Alipay owner Ant Grouping, whose Antchain-based global trade platform, Trusple, has been used by Standard Chartered, Citi, DBS Banking concern, Deutsche Banking company and many others.

Olea is reportedly expected to assist Standard Chartered raise its contour in global digital merchandise finance, and the option to implement a blockchain infrastructure continues the bank'due south ongoing engagement with the engineering. Other multinational banks that have tapped blockchain for trade finance specifically include HSBC, BNP Paribas and Citi, whose joint platform was readied for commercial launch in Singapore in the second quarter of 2022.

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Standard Chartered has itself previously collaborated on using blockchain for trade finance with many of these same banks through the eTrade Connect blockchain trade finance platform launched in Hong Kong in 2022.

That same yr, the digital merchandise finance platform We.trade — which counts HSBC, Rabobank, Santander, Societe Generale, UniCredit, Deutsche Bank and others as founder banks — collaborated with the Hyperledger Textile-powered IBM blockchain to consummate its showtime live operations.