International banking group Standard Chartered, Siemens Financial Services and solutions provider in the field of digital trade TradeIX began trilateral cooperation in the framework of the pilot project for the translation of issue of Bank guarantees in the sphere of international trade settlement transactions on the blockchain. The partners intend to fully translate this process into digital format and through the introduction of automated smart contracts to get rid of working with paper media.
The pilot project uses a distributed registry Corda and provided TradeIX application in the application layer. The head of Standard Chartered’s operating facilities in the UAE Motasim Iqbal (Motasim Iqbal) considers that this decision will set the standard for the entire industry and will change approaches to the issue and processing of Bank guarantees in the UAE. Siemens and positive results of the project, which should be completed by the end of the year, I see as a step towards Vvedenie better serve large customers.
Recall that last year, the Israeli Bank Hapoalim in cooperation with Microsoft undertook the development of a new platform to create the digital Bank guarantees. And in March of this year, 14 banks of Thailand decided to transfer to blockchain, the issue of letters of guarantee on payment obligation.