- Standard Chartered is recently reported to have partnered with the blockchain-powered platform TradeLens to facilitate their financial services.
- This deal will enable Standard Chartered to increase its productivity by ensuring maximum efficiency in their activities through the blockchain technology.
- Global head of Trade of SC, Michael Spiegel, has stated that the company plays a significant role in the global supply chain system.
The British multinational banking company Standard Chartered is a financial transaction services company established in 1969. The headquarters of the market giant is located in London, England.
The company is associated with a network of above 1,200 branches and outlets, including subsidiaries, associates, and joint ventures across the globe in more than 70 countries.
The employment rate of the banking company estimates around 87,000 people. The company specializes in financial services, which includes operations in consumer, corporate and institutional banking, and treasury services. The government of Singapore-owned Temasek Holdings is the largest shareholder of the company.
Though the company is headquartered in the UK, it does not provide retail banking services in the UK. Around 90% of the MNC’s profits come from Asia, Africa, and the Middle East.
Standard Chartered has gained the attention of financial giants and investors across the world through its primary listing on the London Stock Exchange. Adding on to that, the company is a constituent of the FTSE 100 Index.
According to statistical reports, as of 4 April 2017, the giant had a market capitalization of approximately £24.4 billion, which is accounted as the 28th-largest of any company with a primary listing on the London Stock Exchange.
The new Bond
The company is recently reported to have partnered with the blockchain-powered platform TradeLens to facilitate their financial services. TradeLens is the blockchain product known to have developed by tech-service giants Maersk and IBM. The platform was commercially made available from December 2018.
This deal will enable Standard Chartered to increase its productivity by ensuring maximum efficiency in their activities through the blockchain technology. The present tie-up makes the financial institution the first to agree with the platform from the financial sector.
Global head of Trade of SC, Michael Spiegel, has stated that the company plays a significant role in the global supply chain system. The company is extending its services in all dimensions on a day-to-day basis, and such provisions attract global participants, which leads to further expansion of the company.
Thus, he added that advancements like blockchain technologies can provide sustainable growth to ensure consistent participation of parties across the globe. He concluded that such a digital ecosystem is necessary to handle the integrity and confidentiality with respect to transaction information, in the present digital scenario.
The digital edition of TradeLens has had a notable impact on the MNC. The platform can capture millions of supply chain events and tens of thousands of documents per week. This accounts to a processing capacity of over 15m containers worldwide since its launch.
The constitution of the platform consists of more than 150 members, including 100+ ports and terminals, 20+ ocean carriers and intermodal providers, and many government authorities.