Standard Chartered Bank and Linklogis have launched the Olea blockchain platform.
Standard Chartered Bank is a well-known British bank that specializes in worldwide finance and banking. Asia, the Middle East, and Africa account for around 90% of its revenues. In more than 70 countries, the firm has approximately 1200 branches and divisions, including subsidiaries and joint partnerships. The bank may be described as universal since it offers consumer, business, institutional, and treasury banking services.
Standard Chartered believes that developing a new blockchain platform will provide major investors with a variety of opportunities to benefit. The platform will make numerous assets available throughout the world and markets in Asia, the Middle East, and Africa, which have recently piqued investors’ attention.
Standard Chartered believes the Olea platform will provide them a competitive advantage in trade financing. Blockchain and AI will make it possible to process documents more quickly and effectively, enhance automatic data interchange between suppliers and buyers, and, most importantly, ensure transparency throughout 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.”
In the past, Standard Chartered Bank used blockchain technology to boost its production and operational efficiency. In 2020, the Singapore office completed an agreement to use blockchain technology to fund agricultural commerce.