The two sides are establishing Olea – a fully digitised trade finance origination and distribution platform that will bring together institutional investors and businesses requiring supply chain financing.
Headquartered in Singapore, Olea will be led by Amelia Ng, who is managing director of SC Ventures, and deputy CEO Letitia Chau, vice chairperson and chief risk officer of Linklogis, according to an announcement on Monday.
The platform uses blockchain and AI technology to drive efficiency and transparency for suppliers seeking affordable and convenient financing, while investors will gain access to a range of trade finance assets globally, and particularly in Asia, the announcement said.
Strong Partners
Linklogis is China’s largest technology solution provider for supply chain finance. Its relationship with Standard Chartered began in February 2019, when both companies signed a memorandum of understanding to explore the co-creation of innovation solutions that will support the supply chain finance ecosystem.
The two sides completed their first joint deep-tier supply chain financing transaction in August 2019. In January 2020, Standard Chartered announced a strategic investment into Linklogis.
Going Digital
The ongoing coronavirus pandemic has provided the push for greater openness to digital solutions and prompted an accelerated rate of adoption of digital solutions in trade financing.
Among the numerous initiatives are Singapore-based Contour’s blockchain trade finance network, launched in 2020, which includes banks like DBS, BNP Paribas, Bangkok Bank, ING, HSBC, Standard Chartered and Citi Ventures.
Singapore-based Dltledgers, an independent blockchain platform for trade and supply chain finance digitisation, has also seen rapid growth during this period.
