Standard Bank, Africa’s largest bank by total assets and Blockchain based trade finance network Marco Polo consent for co-operative functioning.
As per press release on August 22, 2019 Standard Bank will develop trade financing services with French BNP Paribas and Dutch ING, two of world’s major financial institutions.
Following the path paved by World’s biggest bank- the Industrial and Commercial Bank of China, this integration of Standard Bank in to the Marco Polo network has turned heads of global audiences and is the first African bank to do so. Presently, Marco Polo has more than 20 global financial firms- Commerzbank, Anglo-Gulf Trade Bank, Danske Bank, NatWest, Alfa Bank, Bayern LB Helaba, S-Service partner RBI and Bradesco to name a few.
Marco Polo network was launched in 2017 as a result of the collaborative agreement between Blockchain focused enterprise software company R3 and Irish technology firm TradeIX. The objective of the network is to provide multi-asset class platform for broker dealer services and multi-currency transactions including equities, derivatives etc.
Commerzbank and Landesbank Baden-Württemberg operated a remarkable transaction enabling direct and instant integration of logistics provider Logwin AG into the digital process chain. This was achieved with the aid of Marco Polo network.