Standard Chartered, Linklogis to launch joint venture
The headquarters of Standard Chartered Bank Korea / Courtesy of Standard Chartered Bank Korea
By Anna J. Park
Standard Chartered, a leading international banking group, and Linklogis, a leading supply chain finance technology solution provider in China, announced a joint venture to establish Olea on Monday.
Olea is a blockchain-enabled digital trade finance platform, aiming to bring together institutional investors seeking opportunities in an alternative asset class with businesses requiring supply chain financing.
Headquartered in Singapore, Olea will be headed by Amelia Ng as CEO. Ng is also a current managing director at SC Ventures, the venture unit of the Standard Chartered group. Olea's risk analytics and secure platform offer investors access to investment options for returns that align with their risk profiles.
“By marrying Standard Chartered's international trade and risk management expertise and unparalleled knowledge of Asia, Africa and the Middle East, with Linklogis' innovations in supply chain technology, Olea is uniquely positioned to reinvent trade finance and be a force for good,” said Ng.
“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.”
Standard Chartered and Linklogis' relationship began in early 2019 when both companies signed a cooperative deal to explore the co-creation of innovation solutions that will support the supply chain finance ecosystem. The global banking group is not only one of Linklogis' institutional shareholders, but also has been an important strategic partner.
Their new joint venture, Olea, is expected to offer an agile and robust platform, using blockchain and AI technology to drive efficiency and transparency for suppliers seeking affordable and convenient financing.
“The advent and application of emerging technologies have become an important driving force for the global economic transformation, and new technologies are being implemented in many fields, such as trade finance and supply chain finance,” said Charles Song, the founder, chair and CEO of Linklogis.
“Linklogis, as China's largest technology solution provider for supply chain finance, can bring its top-notch operating experiences and industry-leading technologies into Olea. We believe that the joint effort between the two firms can take the lead in operating a flexible, sustainable and scalable supply chain financing business proposition.”