Standard Chartered, an international banking institution in Britain, has joined Linklogis (a financial technology firm) to release the latest blockchain-based platform for digital-trade-finance. Its name is Olea, and the purpose of its creation is to provide opportunities regarding an alternative class of assets to the institutional investors through a business that demands the financing of the supply chain.
Olea sets to revive finance
Standard Chartered is reported to enhance its circle of production by launching Olea to enable better commerce. For this purpose, the financial organization shook hands with Linklogis (a fintech firm). The headquarters for this joint venture would be situated in Singapore because both the firms would have an equal share to develop the platform. ‘Olea’ is manufactured to construct Standard Chartered’s services related to digital-trade-finance like managing events and documentation digitally. Amelia Ng, who is also an SC Ventures’ (British bank’s fintech unit) official, would be appointed as the platform’s CEO.
She elaborated that the partnership could prove to be extremely advantageous for the sector of finance. Following the contract, having the international risk management skills in trade and unmatched knowledge about the Middle East, Africa, and Asia with the innovations of Linklogis for supply-chain-technology, an exclusive place has been acquired by Olea to revive the trade finance as an ever effective force. Letitia Chau, the Linklogis’ vice-chairman and chief-risk-officer, would work as the new project’s deputy CEO. The noteworthy point is that history has been shared by Linklogis and Standard Chartered. During 2019, the firms joined together to venture into the supply-chain-finance-ecosystem.
The recent crypto initiatives of Standard Chartered
At the start of June, Standard Chartered (a prominent bank based in the United Kingdom) turned out to be the latest financial institution venturing into the craze of cryptocurrency. At that time, it offered strategies to introduce an exchange and brokerage division in Europe within 2021. The program would serve the European customers of the bank, who would be permitted to trade Ether, Bitcoin, as well as other crypto-assets. Some entities would collaboratively operate it. Particularly, BC-Technology Group and SC-Ventures are the firms to run it. SC-Ventures executive ‘Alex Manson’ commented that they have a solid belief about digital assets to stay as well as to be adapted to a large extent by the market.
StanChart announced its step at the last year’s end. Bill Winters (its CEO) stated that the creation, as well as the adoption of digital assets, is completely inevitable.