Blockchain for Banking News

Stanchart invests in Partior, the JP Morgan-backed blockchain payment tech startup

standard chartered

Today blockchain payment tech firm Partior announced it closed a Series A funding round led by Standard Chartered, with founding backers JP Morgan, DBS Bank and Temasek joining the round.

The Singapore startup is developing a blockchain-based interbank payment network and is on track to support eight currencies USD, SGD, GBP, EUR, AUD, JPY, CNH and HKD. While it may be Singapore based, the startup has global ambitions and already has involvement with organizations in 15 countries.

Each bank is responsible for its own node on the network, and Standard Chartered will be one of the Euro settlement banks.

“Our vision has always been to transform global payments and become the worldwide ledger for Financial Institutions’ value exchange,” said Jason Thompson, Partior CEO. Welcoming Standard Chartered he said, “They are a strategic partner to diversify our network and scale the delivery of our technology globally.”

Standard Chartered is amongst the world’s leading banks regarding blockchain adoption and digital assets. It has extensive blockchain interests linked to trade finance and is the founder of Zodia Custody and crypto brokerage Zodia Markets.

“Our investment in Partior demonstrates the Bank’s relentless pursuit of innovation, with the goal of delivering greater efficiencies in cross-border payments and simplifying the client experience,” said Philip Panaino, Global Head of Cash, Transaction Banking, Standard Chartered. “We are delighted to collaborate with other industry partners, who share in our commitment to deliver the G20 aspirations of enhancing cross-border transactions for the benefit of citizens and economies worldwide.”

All three of the investor banks are involved in the Monetary Authority of Singapore tokenization and DeFi trials. JP Morgan and DBS were involved in pilots using DeFi, with the first results announced yesterday. And Standard Chartered is planning to trial tokenizing trade finance assets.

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