Standard Chartered Bank becomes the first financial institution to join TradeLens, the blockchain-enabled digital container logistics platform, says a press release published on their website.
Formal agreement to use the platform
Standard Chartered Bank has joined TradeLens, a blockchain-enabled digital container logistics platform, jointly developed by A.P. Moller – Maersk (MAERSKb.CO) and IBM (NYSE: IBM).
This makes Standard Chartered Bank the first financial institution to enter a formal agreement for use of the platform.
Benefits of the platform
TradeLens was launched to help modernise the world’s supply chain ecosystems with a special focus on containerised freight and logistics.
- Many of the processes for transporting and trading goods are costly, in part, due to manual and paper-based systems.
- Replacing these peer-to-peer and often unreliable information exchanges, the platform enables participants to digitally connect, share information and collaborate across the shipping supply chain ecosystem.
Instant validation
By joining TradeLens, Standard Chartered Bank will be able to instantly validate
- the authenticity of shipments using TradeLens’ extensive record of real-time data and
- document exchange amongst the network of entities involved in a shipment.
Comments from Standard Chartered Bank leads
Michael Spiegel, Global Head of Trade, Standard Chartered Bank
“As a critical link in the global supply chain ecosystem, Standard Chartered Bank plays a crucial role in supporting global trade transactions. Supply chains are continuing to become more international, drawing on many parties from around the world. Digital ecosystems have the potential to promote the sustainability agenda of many participants in international trade.”
Aarthi Fernandez, COO Trade, Singapore & South East Asia and Global Head of Trade Operations, Standard Chartered Bank
“The trade ecosystem has complex processes, slow turnaround times, high paper-based manual documentation and limited connectivity between the various parties involved and it remains a major pain point in the centuries-old trade finance industry. The partnership with TradeLens equips Standard Chartered Bank with reliable real time information to validate and protect the integrity of transactions and thus deliver fast and safe service to our clients.”
Advanced trade digitisation efforts
Todd Scott, VP of Global Trade Solutions, IBM “The initiative with Standard Chartered Bank exemplifies how the global trade ecosystem can work together to advance trade digitisation efforts on both the physical and financial side. Working with all of the ecosystem partners, our goal is to accelerate the standardisation and automation of global trade.”
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Source: Standard Chartered
