Standard Chartered Leverages DLT for First Euro Cross-Border Transactions on Partior

Standard Chartered Leverages DLT for First Euro Cross-Border Transactions on Partior

by May 15, 2024

Standard Chartered announced that it had completed the first Euro-denominated cross-border transactions between Hong Kong and Singapore. This milestone makes it the first Euro settlement bank to go live on Partior, the global unified ledger for clearing and settlement.

This initiative is part of Standard Chartered’s ongoing efforts to integrate blockchain innovations into its payment systems, enhancing transparency, efficiency, and security in global financial transactions.

The Euro-denominated cross-border transactions, conducted with Siemens AG and iFAST Financial Pte Ltd on 13 and 14 May, mark a significant integration of distributed ledger technology (DLT) with core banking systems of Standard Chartered.

This demonstrates a real-world application of blockchain technology in commercial settings, seamlessly blending with the bank’s existing operations and providing uninterrupted services to customers.

Mahesh Kini, Global Head of Cash Management at Standard Chartered.

Mahesh Kini

“The rapid transformation in corporate treasury functions necessitates that our clients receive superior control, visibility, and access to their working capital. Our partnership with Partior and becoming the first Euro settlement bank on this platform is crucial for providing continuous, real-time transaction capabilities, thereby meeting the evolving needs of our corporate and financial institution clients,”

said Mahesh Kini, Global Head of Cash Management at Standard Chartered.

Humphrey Valenbreder, Chief Executive Officer of PartiorStandard Chartered First Euro

Humphrey Valenbreder

“Standard Chartered’s addition to the Partior network not only extends our service capabilities in Euros but also strengthens the financial connectivity across major global financial hubs like Singapore, Hong Kong, Frankfurt, London, and New York. This expansion is a testament to our commitment to enhancing global payment systems through innovative blockchain solutions,”

said Humphrey Valenbreder, Chief Executive Officer of Partior.

Featured image credit: Edited from Freepik