UK-based multinational bank Standard Chartered has announced a major investment in Partior, a blockchain-based payments platform, to serve as the first euro settlement provider and strengthen Partior’s international reach and capabilities.
According to its public statement, Standard Chartered unveiled its investment in the trusted global network for value exchange today at the Singapore Fintech Festival. As an active participant in the Singapore FinTech ecosystem, Standard Chartered stated that its organization would bring its global payments expertise and clearing footprint to the network.
Standard Chartered Becomes Partior’s First Euro Settlement Bank
Although the exact size and amount of Standard Chartered bank’s investment in Partior has not been revealed, the multinational bank stated that the new investment would make it a founding Shareholder of Partior. In addition to becoming one of Partior’s strategic backers, Standard Chartered will serve as the first Euro settlement bank for the Partior platform.
According to Standard Chartered, this development will significantly help Partior achieve its goal of broadening its currency offerings beyond the first slate of eight global currencies by 2023. Philip Panaino, Global Head of Cash, Transaction Banking at Standard Chartered, said:
“Our investment in Partior will allow us to deliver the speed, efficiency and visibility of domestic settlement systems to cross-border transactions, simplifying and improving the experience for our clients. As we navigate the increasingly connected payments universe, we recognise that a concerted effort is needed. To that end, we are delighted to collaborate with industry partners who share our commitment to deliver the G20 aspirations of enhancing cross-border transactions for the benefit of citizens and economies worldwide.”
Standard Chartered Ventures Further Into Blockchain Technology
Having served various countries and continents with excellent banking services for decades, Standard Chartered is now venturing into the blockchain space, merging traditional banking with technological innovations. Standard Chartered’s recent investment marks another in the firm’s row of advancement into Blockchain in 2022. Earlier this year, in August, Standard Chartered announced its partnership with Chinese supply chain fintech services company Olea to launch a blockchain-based trade finance platform.
With its new investment in Partior, Standard Chartered will deepen its blockchain innovation capabilities and ramp up its commitment to building a more transparent, efficient, and secure infrastructure for global value movement. As one of the world’s leading international banks, the investment will accelerate Standard Chartered’s deployment of blockchain technology across its global wholesale payments and settlements network, thereby scaling the utility of Partior’s technology in global capital markets.
Speaking for Partior, Jason Thompson, CEO of the blockchain-based technology provider, has expressed delight at the new investment while welcoming Standard Chartered to its board. He said:
“We are excited to grow our network of distributed payment and settlement partners and realise the future of financial services with blockchain technology. As we transform the global financial infrastructure through the delivery of our technology, we welcome Standard Chartered as an investor and valued partner. Standard Chartered is one of the most established international banks in the industry, and we cannot think of a more strategic partner to diversify our network and accelerate the real-world utilisation of our technology in international markets. We look forward to working closely with our partners to continuously deliver value to the ecosystem as we scale our core services globally.”