Standard Chartered Joins EquiChain’s Blockchain Pilotbr>
Multinational banking firm Standard Chartered will be joining EquiChain’s user group for its blockchain pilot focused on bringing efficiencies to the capital markets. Standard Chartered will be the first custodian to join EquiChain’s user group.
Founded in 2015 by CEO Nicholas Bone, a former banker who has served at the Bank of England, Deutsche Bank, BNY Mellon and most recently Standard Chartered PLC, London-based EquiChain is building a global capital markets infrastructure platform.
In February of this year, EquiChain unveiled a working prototype for a blockchain-powered solution for capital markets, which promises to drive market efficiency and improve global investor access in emerging and frontier markets. The company plans to implement a full end-to-end “execution to custody” pilot later this year.
Its prototype is a hybrid system which consolidates the functions of a securities transaction, such as an asset manager, custodian, broker, exchange and central securities depository.
EquiChain’s one-year exclusive partnership with Standard Chartered will see both parties 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.
Margaret Harwood-Jones, Global Head, Securities Services, Transaction Banking, Standard Chartered, said that technology has the ability to bring seamless efficiency to capital markets and securities processing.
“Having a major custodian like Standard Chartered Bank work together with a leading FinTech, such as EquiChain, enables us to better utilize these technologies to co-develop innovative value propositions for our clients,” said Harwood-Jones.
“Recognizing the near-term steps required before the full promise of blockchain may be achieved, this partnership will allow us to utilize Standard Chartered’s diverse network coverage and deep local market expertise in emerging markets where we are focused,” said Bone.