Standard Chartered has invested in Partior, the DLT venture set up last year by DBS, Temasek and JPMorgan to challenge the cumbersome hub-and-spoke model applied to traditional cross-border payment flow.
Standard Chartered joined a Series A funding round for Partier alongside the three existing investors. The size of the round was not disclosed.
Partior, has it roots in project Ubin, a blockchain-based porotype for multi-currency payments developed by the Monetary Authority of Singapore in partnership with JPMorgan and Temasek.
Standard Chartered joins the Partior network and will serve as one of the integrated Euro settlement banks. Partior says it is also in several discussions with settlement banks around the world as it closes in on currency offerings of USD, SGD, GBP, EUR, AUD, JPY, CNH and HKD.
Partior CEO, Jason Thompson says: “Our vision has always been to transform global payments and become the worldwide ledger for Financial Institutions’ value exchange, we welcome Standard Chartered as an investor and valued partner to help achieve this."
Philip Panaino, global head, cash, transaction banking, Standard Chartered, adds: "As we navigate the challenges of today’s evolving payments industry in an increasingly connected world, we recognise that a concerted effort across the industry is needed.
"To that end, we are delighted to collaborate with other industry partners, who share in our commitment to deliver the G20 aspirations of enhancing cross-border transactions for the benefit of citizens and economies worldwide."