Standard Chartered, AIG, TradeIX Complete Trade Finance Transaction
Standard Chartered has teamed with blockchain trade finance platform TradeIX and global insurer American International Group (AIG) to advance the digitalization of trade finance.
TradeIX is the first open and agnostic blockchain platform focusing on trade finance. The company was formed by industry veterans with backgrounds in banking, trade finance, and blockchain technology.
In June, the company launched a blockchain platform called TIX. The blockchain platform uses a combination of TradeIX’s technology and Hyperledger’s blockchain. TIX claims to provide banks, alternative funders, business-to-business (B2B) networks, technology providers, and corporates with a way to finance trade-related assets around the world.
Standard Chartered, a British multinational banking and financial services company, worked with TradeIX to roll out the first open blockchain platform for trade finance, allowing corporates a way to finance trade receivables and manage credit risk. The platform leverages blockchain technology to automate the process for pre-and post-shipment financing and risk mitigation for buyers and sellers, with an added option of credit insurance as a funding tool.
Standard Chartered and TradeIX completed the first transaction earlier this month for an unnamed global logistics company. The TradeIX TIX platform enabled the bank’s client to help its customers increase their payment terms whilst maintaining the company’s receivables at current terms. The financing was offered by Standard Chartered with credit risk mitigation by AIG.
