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Standard Chartered to Launch Blockchain Trade Finance Platform in Joint Venture
The Olea platform will leverage blockchain tech in a bid to connect institutional investors to businesses requiring supply chain financing.
Updated May 11, 2023, 5:54 p.m. Published Aug 30, 2021, 5:09 a.m.
International banking group Standard Chartered (SC) and a supply chain fintech services company in China will jointly create a blockchain-based trade finance platform.
The venture between SC and Hong Kong exchange-listed Linklogis Inc. (HKG: 9959) will create the Olea platform.
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Olea will focus on connecting institutional investors to businesses requiring supply chain financing by leveraging blockchain technology and artificial intelligence.
Headquartered in Singapore, Olea will be helmed by SC Ventures’ managing director Amelia Ng as CEO and Linklogis’ vice-chairperson Letitia Chau as deputy CEO, according to a press release on Monday.
A spokesperson for SC told CoinDesk via email that Olea aims to be operational by the end of 2021, pending regulatory approval.
The platform is intended to give investors access to investment options for returns aligning with their risk profiles, the companies said. Specifically, investors will be able to gain access to a range of trade finance assets globally with a focus on Asia with insights on asset quality. Supply chain partners will gain access to financing in a transparent process.
“The new joint venture, Olea, offers an agile and robust platform, using blockchain and AI technology to drive exceptional efficiency and transparency for suppliers seeking affordable and convenient financing,” said Chau.
SC and Linklogis agreed in February 2019 to jointly develop supply chain financing services. In January last year, SC announced its purchase of an equity stake in Linklogis. The size of the stake wasn’t disclosed.
Read more: Independent Reserve Receives Approval in Principle to Operate in Singapore
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