Standard Chartered forms venture with China logistics tech company

Finance

Published: 30 Aug. 2021, 16:32

Standard Chartered forms venture with China logistics tech company

Headquarters of the Standard Chartered Bank Korea [STANDARD CHARTERED BANK KOREA]

Standard Chartered is establishing a joint venture with Linklogis, a Shenzhen, China-based supply-chain finance technology provider.

Olea, the joint venture, will operate a blockchain-enabled digital finance system with aims to bring together investors seeking opportunities to invest in an alternative asset class with businesses requiring supply chain financing.

Trade finance is an umbrella term covering many financial instruments used by companies to facilitate international trade.

On Olea's platform, investors gain access to a full range of trade-finance opportunities globally -- and particularly in Asia -- while supply chain partners can access financing via a transparent process, the London-based international banking group said in a statement.

"Olea aims to disrupt today's trade finance model by matching suppliers' financing needs with alternative liquidity from investors seeking a compelling asset class linked to the real economy," said Amelia Ng, a managing director at SC Ventures, a Standard Chartered business unit.

Olea will be headquartered in Singapore. Ng will be the CEO of Olea. Letitia Chau, vice chairperson and chief risk officer of Linklogis, will serve as the deputy CEO.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]