British banking giant Standard Chartered is collaborating with Linklogis on a new blockchain-powered trade finance platform, less than two years after becoming a strategic investor in the Shenzhen-based fintech firm.
The new platform called Olea is being operated by a joint-venture between Standard Chartered and Linklogis that is headquartered in Singapore.
Amelia Ng from Standard Chartered’s SC Ventures is serving as Olea’s CEO, while Letitia Chau, vice chairperson and chief risk officer of Linklogis, is deputy CEO.
Olea seeks to cater to institutional investors who are “seeking opportunities in an alternative asset class with businesses requiring supply chain financing,” with the platform expected to bolster Standard Chartered’s presence in the digital trade finance sphere.
Standard Chartered has previously worked with other banks on the use of the blockchain for trade finance purposes, most notably via Hong Kong’s eTrade Connect blockchain trade finance platform that was launched in 2018.
In January 2020 Standard Chartered became the first global bank investor in Linklogis, after the two parties previously inked a memorandum of understanding on “jointly exploring and developing solutions for the supply chain finance ecosystem.”
Linklogis was first established in February 2016 in Shenzhen’s Qianhai district, and is a leading provider of supply chain finance solutions in the region.