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- Standard Chartered Bank will use the blockchain platform by FundsDLT to offer funds transfer services, with North Africa and the Middle East as the initial targets.
- The bank also announced that its tokenization platform Libeara is working on tokenizing a government bond fund denominated in Singaporean dollars.
First they fight you, and then they join you. Some of the biggest banks globally are now jumping on the blockchain bandwagon, and the latest is Standard Chartered. The British multinational has partnered with FundsDLT to offer clients in North Africa and the Middle East a blockchain-powered transfer service.
The two companies announced the partnership on Tuesday, with FundsDLT saying the new platform will allow the bank “to offer asset managers a streamlined and efficient front-to-back solution.”
Big News! 📣 FundsDLT teams up with Standard Chartered to revolutionise transfer agency services.
Our blockchain-based platform is helping to set new standards for efficiency and transparency in #funddistrbution. 🚀Read more here ▶️ https://t.co/vp3V5qOb3w#transferagency pic.twitter.com/X9eyEbjTJe
— FundsDLT (@FundsDLT) November 14, 2023
FundsDLT was founded by the Luxembourg Stock Exchange in 2016 and acquired by the Deutsche Börse Group three months ago. It allows asset managers to sell their funds through a decentralized platform that cuts costs and time and enhances efficiency.
The partnership between the two firms will address the challenges that emerge from the manual transfer processes employed in the asset management industry. Standard Chartered will now offer a blockchain-based digital process allowing North African and Middle Eastern asset managers to serve their clients more effectively.
The two companies have aligned technical and security standards, making the partnership natural for both, executives from the two firms stated in the press release.
FundsDLT CEO Olivier Portenseigne added that the two “have a mutual commitment to driving digital innovation in the fund industry and is a pragmatic approach to streamline operations and enhance service delivery.”
Ying Ying Tan concurred, adding that the partnership will cement the bank’s role as the financial services leader in the MENA region. The Standard Chartered Global Head of Products commented:
With an unrivalled coverage across Asia, Africa and the Middle East for our fund services, we continuously look to deliver innovative solutions that can support asset managers and their clients in achieving both cost and processing efficiencies.
Standard Chartered Doubles Down on Blockchain
Standard Chartered continues to invest in blockchain technology to cut costs, enhance efficiency and gain a competitive edge as the global financial space becomes ever-more competitive. Decades ago, banks were only competing among themselves for clients, Nowadays, they have to contend with crypto firms and fintech giants like Revolut, Stripe and Plaid. This makes innovation and digitization critical for banks, and Standard Chartered is banking on blockchain.
On the same day it announced the partnership with FundsDLT, its investment arm SC Ventures announced the launch of Libeara, a new tokenization platform.
Based in Singapore, Libeara has gained traction for being among the standouts in the Singapore central bank’s CBDC challenge. It has also worked with the central banks of the Philippines, Ghana and Hong Kong for their proofs of concept.
Alex Manson, the head of SC ventures, says that the new platform will integrate perfectly with existing services, including Zodia Custody.
Libeara is an exciting new venture: tokenization will make a number of asset classes more widely available. As we now have institutional-grade custody and exchange of digital assets with Zodia Custody and Zodia Markets, Libeara is the next logical step to better serve our customers.
