Standard Chartered Bank has become the first financial institution to join TradeLens, the blockchain-based supply chain initiative jointly run by A.P. Moeller-Maersk and IBM.
In a statement from TradeLens said Standard Chartered Bank will be able to instantly validate the authenticity of shipments using the initiative’s extensive record of real-time data and document exchange amongst the network of entities involved in a shipment.
“As a critical link in the global supply chain ecosystem, Standard Chartered Bank plays a crucial role in supporting global trade transactions,” said Michael Spiegel, Global Head of Trade, Standard Chartered Bank.
TradeLens was launched in 2018 in an attempt make the global supply chain more transparent, collaborative and efficient. As of 10 March 2020, it has over 150 members, including carriers, customs authorities and terminal operators.
It captures millions of supply chain events and tens of thousands of documents per week, having processed information on over 15 million containers worldwide since its launch.
Speaking about the benefits of TradeLens, Standard Chartered Bank’s COO, Singapore and South East Asia and Global Head of Trade Operations, said the partnership will give the bank with “reliable real time information to validate and protect the integrity of transactions”.
Todd Scott, VP of Global Trade Solutions, IBM, said the inclusion of Standard Chartered Bank “exemplifies how the global trade ecosystem can work together to advance digitisation efforts on both the physical and financial side.”
“Working with all of the ecosystem partners, our goal is to accelerate the standardisation and automation of global trade”.