Banking giant, Standard Chartered announced that it became the newest affiliate of an Ethereum Enterprise Partnership, a blockchain standard building organization. Standard Chartered joins Enterprise Ethereum Alliance to facilitate interoperability.
The EEA is an affiliated international organization, with a mission to create open blockchain standards for companies and consumers worldwide that facilitate harmonization and interoperability.
As an EEA member, Standard Chartered Bank will partner with industry leaders to promote the following in Ethereum-based enterprise technology:
- Best Practices
- Open standards
- Open-source reference architectures
The bank considers the blockchain as a hub of digital banking and exchange, allowing authentication, transparency and storage of transactions in real-time.
Dr. Michael Gorriz, Group Chief Information Officer at Standard Chartered Bank, said:
“Technology enables us to facilitate trade and investment across our footprint markets, improving client experiences and offering new services, we are excited to be a part of the EEA and look forward to opportunities where we can collaborate with other leading industry players to deepen blockchain research and application in the banking sector.”
The bank is one of Voltron’s founding members, a blockchain-based forum founded in October 2018.
It is also teaming up with China-based Linklogis to develop blockchain-enabled supply chain finance solutions.
Another venture is a collaboration between the Bank and Ant Financial to introduce the world’s first blockchain-enabled cross-border remittance service to the Philippines from Hong Kong.
Standard Chartered Bank has also collaborated with several industry partners and fintech firms to explore the use of innovative technologies to improve the efficiency and usability of financial systems for the customer.