Standard Chartered Bank has joined TradeLens, a blockchain-enabled digital container logistics platform, jointly developed by AP Møller – Maersk and IBM, making Standard Chartered Bank the first financial institution to enter a formal agreement for use of the platform.
In joining TradeLens, Standard Chartered Bank will be able to instantly validate the authenticity of shipments using TradeLens’ extensive record of real-time data and document exchange amongst the network of entities involved in a shipment, according to a statement.
“Digital ecosystems have the potential to promote the sustainability agenda of many participants in international trade,” commented Michael Spiegel, Global Head of Trade, Standard Chartered Bank.
“The partnership with TradeLens equips Standard Chartered Bank with reliable real time information to validate and protect the integrity of transactions and thus deliver fast and safe service to our clients,” said Aarthi Fernandez, COO Trade, Singapore & South East Asia and Global Head of Trade Operations, Standard Chartered Bank.
Today, TradeLens’ ecosystem consists of more than 150 members, including more than 100 ports and terminals, over 20 ocean carriers and intermodal providers, and in excess of 10 government authorities. The solution has been commercially available since December 2018 and its standards-based open APIs are openly available to the entire community.
“The initiative with Standard Chartered Bank exemplifies how the global trade ecosystem can work together to advance trade digitisation efforts on both the physical and financial side. Working with all of the ecosystem partners, our goal is to accelerate the standardisation and automation of global trade,” said Todd Scott, VP of Global Trade Solutions, IBM.
