Standard Chartered in digitalisation push
Written by Anthony Strzalek
Standard Chartered has announced strategic partnerships with TradeIX and Infor as it looks to advance the digitalisation of trade finance.
The two partnerships will enable clients and their ecosystems access to the bank’s full range of trade financing solutions.
Standard Chartered has worked with TradeIX, a new trade industry FinTech, to roll out the first open blockchain platform for trade finance. The platform leverages blockchain technology and its API-driven system to automate the process for pre-and post-shipment financing and risk mitigation for buyers and sellers.
The second partnership will see the bank integrating with Infor’s GT Nexus Commerce Network to provide a working capital optimisation solution by utilising digitised supply chain information in the cloud.
Farooq Siddiqi, global head of trade and transaction banking at Standard Chartered, said: “Digitalisation of trade and trade finance is integral to our strategy and by working together with leading FinTechs we can create innovative solutions to better support the financing and information needs of our clients’ and their ecosystem of buyers and sellers.”