Source: Standard Chartered
Standard Chartered Bank announced today the signing of a partnership agreement with EquiChain, a London-based fintech company, to be the first custodian to join EquiChain’s user group for its blockchain prototype.
The one-year exclusive partnership will see Standard Chartered’s Securities Services business working with EquiChain and its user group members to prepare for a full end-to-end pilot.
Commenting on the partnership, Margaret Harwood-Jones, Global Head, Securities Services, Transaction Banking, Standard Chartered, said: “Technology has the ability to bring seamless efficiency to capital markets and securities processing. Having a major custodian like Standard Chartered Bank work together with a leading fintech, such as EquiChain, enables us to better utilise these technologies to co-develop innovative value propositions for our clients.”
The partnership agreement will allow Standard Chartered Bank and EquiChain, together with EquiChain’s asset manager and market infrastructure partners, to work closely with one another to ensure that the pilot achieves the objectives set for it. Both parties will share best practices and industry standards and collectively explore possible user applications, with the aim of conducting end-to-end pilot testing of the EquiChain platform in Asia, Africa and the Middle East.
Nicholas Bone, EquiChain’s Founder & CEO said: “We are delighted to be working with Standard Chartered to further our efforts in developing and implementing the EquiChain blockchain platform. Recognising the near-term steps required before the full promise of blockchain may be achieved, this partnership will allow us to utilise Standard Chartered’s diverse network coverage and deep local market expertise in emerging markets where we are focused.”
Leveraging blockchain technology, EquiChain's solution enables the direct interaction and exchange of value between incumbent market participants without the current need for multiple touchpoints and the inefficient interaction of different systems. It further creates a verifiable, transparent and immutable flow of information, enabling the streamlining of market processes.
The partnership with EquiChain adds to existing fintech collaborations which Standard Chartered Bank’s Transaction Banking business has embarked on as it looks to further the progress of innovation and collaboration in the financial industry.