Multinational banking firm Standard Chartered has inked a year-long partnership deal with fintech startup EquiChain to join its blockchain pilot focused on bringing efficiencies to the capital markets.
In a statement, U.K.-based Standard Chartered said it will be the first custodian to join EquiChain's user group for the prototype platform. Using blockchain technology to enable the direct exchange of value between financial incumbents, the effort aims to do away with "the current need for multiple touchpoints and the inefficient interaction of different systems."
Both firms will work together to meet the objectives of the pilot by sharing industry standards and exploring potential user applications as they carry out end-to-end pilot testing of the EquiChain blockchain platform in Asia, Africa and the Middle East.
Commenting on the new partnership, Nicholas Bone, EquiChain's founder and CEO noted:
The agreement with EquiChain is the latest blockchain play from Standard Chartered. The financial firm's recent blockchain collaborations include a partnership with a group of international financial institutions for blockchain cross-border payment services set to launch in 2018. It is also working with Singapore's DBS Bank to create a distributed ledger for trade finance.
Standard Chartered image via Shutterstock
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