Standard Chartered Bank has announced that it has made a strategic investment in Ripple, a leading distributed ledger company. This investment will further accelerate the Bank’s digitisation agenda in the area of distributed ledger technology as it explores new ways of adding value to its clients and the industry.
Alex Manson, Global Head, Transaction Banking, Standard Chartered, said, “Digitisation is a key priority for the Bank to facilitate trade, commerce and investment. We can better serve our clients by connecting business communities in a more efficient way. Ripple is one of the most advanced distributed ledger technology companies in the industry with immense experience in financial services and compliance. Through this investment, we can leverage Ripple’s expertise and co-develop more commercially viable applications to support the evolving needs of our clients and their ecosystems.”
Standard Chartered will be given an observer board seat at Ripple, allowing the Bank the opportunity to drive future collaboration and developments in the industry and produce innovative client solutions across its businesses.
“Standard Chartered’s commitment to digitisation and distributed financial technology complements our vision of a future where value moves as easily as information moves today,” said Ripple CEO and co-founder Chris Larsen. “With Standard Chartered’s investment and continued partnership, we look forward to utilising their unique network and capabilities to accelerate adoption among financial institutions, liquidity providers and businesses across Asia, Africa and the Middle East.
Standard Chartered first partnered with Ripple in December 2015 where it successfully completed a proof of concept (PoC) to deliver the world’s first application of distributed ledger technology to enhance the overall security of trade finance invoicing. The PoC marked a crucial milestone in the digitisation journey of trade finance and proves the potential of collaborative development in delivering innovative client solutions.