The leading British financial institution – Standard Chartered – reportedly became the first bank to join the Global Digital Finance (GDF) Patron Board. StanChart, together with the rest of the members, will work together to accelerate the adoption of best practices across the digital assets landscape.
StanChart’s Latest Crypto Endeavor
The multinational banking and financial services company – Standard Chartered – has joined the Global Digital Finance. With that move, it became the first bank to become part of the GDF alliance as a patron member.
The union has more than 100 organizations and over 350 professionals from across the globe as associates. Together with StanChart, their mission is to support the cryptocurrency industry through a network of strategic innovators. They also work in favor of better governance standards and facilitate engagements between market participants, regulators, and policymakers.
Geoff Kot – Global Head of Financial Markets electronic Trading & Platforms at Standard Chartered – commented:
“We look forward to opportunities where we can collaborate with other global experts to support the adoption of digital assets as well as contribute, facilitate and lead the industry dialogue on digital assets standards.”
He added that cryptocurrency adoption based on consumer protection could make the economic system more efficient. Banks, as monetary institutions, have the responsibility to “support the evolution of an open and trusted global financial architecture.”
Standard Chartered Launched Olea
Recently, the banking giant seems to be jumping from one crypto initiative to another. A few days ago it teamed up with the financial technology company – Linklogis – to launch a new blockchain-based digital trade finance platform.
As CryptoPotato reported, it would come by the name of Olea, and its goal would be to bring together “institutional investors seeking opportunities in an alternative asset class with businesses requiring supply chain financing.”
The platform was designed to develop StanChart’s digital trade finance services, such as managing documentation and events digitally. Its headquarter would be in Singapore as both the British bank and Liklogis would equally manage it.
Olea’s CEO would be Amelia Ng – an official from SC Ventures (the fintech unit of the British bank). She opined that the collaboration could turn to be highly beneficial for the finance sector:
“By marrying Standard Chartered’s international trade and risk management expertise and unparalleled knowledge of Asia, Africa, and the Middle East with Linklogis’ innovations in supply chain technology, Olea is uniquely positioned to reinvent trade finance and be a force for good.”
In her turn, Letitia Chau – Chief Risk Officer and Vice Chairman of Linklogis – would serve as deputy CEO of the new platform.