Standard Chartered, Siemens pilot trade finance blockchain

Today Standard Chartered announced it’s working with Siemens Financial Services on blockchain-based bank guarantees for trade finance. The pilot started in March 2018 and will complete later this year. TradeIX is the solution provider, and the system uses R3’s Corda.

The need

Motasim Iqbal, Head, Transaction Banking UAE, Standard Chartered, said: “This is an industry-defining solution which we believe will transform the way guarantees are issued and processed in the UAE.” Bank Guarantees are usually paper intensive, so this is part of a digitalization process. The pilot digitizes the entire process from the creation of the guarantee, to amendments and claims handling. Hence it eliminates the efficiencies involved in a manual process.

Article continues …

---