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Standard Chartered has announced the successful completion of Euro-denominated cross-border transactions between Hong Kong and Singapore, becoming the first Euro settlement bank to go live on Partior, the global unified ledger market infrastructure.
This development follows the Bank’s investment in the platform in November 2022, reflecting its commitment to building a more transparent, efficient, and secure infrastructure for global value movement by integrating blockchain technology directly into its payment systems.
With corporate treasurers and financial institutions seeking the latest technologies in their treasury operations for optimal efficiency in cross-border settlements, it is increasingly important for banks to embrace innovation and partnerships that deliver value-added solutions to their clients.
Transactions with Siemens AG and iFAST Financial Pte Ltd. from 13-14 May mark a major milestone for Standard Chartered. The integration and operationalisation of distributed ledger technology (DLT)-based transaction workflows with the Bank’s core banking systems have been achieved in a real-world commercial setting, making the process seamless for customers’ routine operations.
Commenting on the success of the client transactions, Mahesh Kini, Global Head of Cash Management at Standard Chartered, said, “With the financial landscape and corporate treasury function undergoing rapid transformation, corporate and financial institution clients increasingly require their banking partners to support them in achieving better access, visibility, and control of their working capital, and provide ‘always-on’ availability, liquidity and speed of payment flows.
“This is the key driver behind our relentless focus on building core capabilities that allow us to enable and facilitate emerging payment rails. We understand the real transformation that blockchain-enabled solutions can deliver to the industry and broader ecosystem, and our collaboration with Partior to be the first Euro settlement bank to launch on the network brings us closer to our goal of providing real time, 24/7 flows at scale for corporates and financial institutions, while meeting their treasury needs in a safe and efficient manner.”
Heiko Nix, Global Head of Cash Management and Payments, Siemens AG said, “Siemens AG’s collaboration with Standard Chartered marks a pivotal advancement in the realm of cross-border transactions. Leveraging the groundbreaking Partior platform, we’re not just streamlining cross-bank payments but also covering our geographical footprint for such transactions.
“This partnership underscores our commitment to harnessing innovative blockchain solutions, ensuring Siemens AG remains at the forefront of global financial efficiency and connectivity. The bank’s integration of Euro-denominated settlements between Hong Kong and Singapore, via Partior, is not just a testament to its technological advancement but a beacon for the future of seamless, secure, and efficient global payment systems.”
Humphrey Valenbreder, Chief Executive Officer, Partior said, “As the first Euro settlement bank on Partior, Standard Chartered is driving innovation through the use of blockchain technology to meet evolving client needs. The onboarding of Standard Chartered expands Partior’s network coverage to include the Euro, in addition to US Dollars and Singapore Dollars, and enhances connectivity for end clients serviced across major financial centres including Singapore, Hong Kong, Frankfurt, London and New York.”.
