Standard Chartered & Siemens to Put Guarantees on the DLT

As reported, if the pilot project succeeds, it  will allow companies like Siemens to serve their large customers more efficiently
30 August 2018   1079

The international banking firm Standard Chartered has entered into an agreement with the financial branch of the production giant Siemens in the framework of a pilot blockhain project to issue bank guarantees in the sphere of international settlements for trading transactions.

According to IBS Intelligence, this program is aimed at eliminating the process of paperwork with the help of automated smart contracts and transferr it in digital format.

This is an industry-defining solution which we believe will transform the way guarantees are issued and processed in the UAE. Siemens Financial Services has been a key partner for us to build and develop this pilot on the distributed ledger and we believe that this technology can further be harnessed by the Dubai Smart City initiative.
 

Motasim Iqbal

Head, Transaction Banking UAE, Standard Chartered

According to the article, if the pilot project succeeds, it  will allow companies like Siemens to serve their large customers more efficiently.

While digitalisation is revolutionising whole industries, incorporating digital trade finance solution into our daily operations is an important step. Especially at Siemens, as a digitalisation pioneer, this move is part of our strategic mission of going digital in all arenas. This will streamline our processes and make our trade finance operations smoother, faster and more efficient. We are delighted to partner with Standard Chartered in leading such game-changing transformation which will help our customers go digital in their guarantee and claim processes and achieve higher efficiency.
 

Michael Bueker

Chief Financial Officer, Siemens

The test project was launched in March and should be completed in 2018.

Facebook to Launch GlobalCoin in 2020, BCC Says

Facebook consults with representatives of the US Treasury Department and Bank of England  about regulating the initiative named Libra
24 May 2019   43

Operator of the world's largest social network Facebook Inc. will launch a new payment network based on its own cryptocurrency in the “dozen countries” in the first quarter of 2020, the BBC reports.

The publication claims that Facebook consults with representatives of the US Treasury Department and Bank of England Governor Mark Carney about regulating the initiative, code-named Libra.

At the same time, the Financial Times reported that Facebook is already in talks about listing GlobalCoin on the American exchanges Gemini and Coinbase. 

Sources of the publication said that Facebook is discussing with the trading firms Jump and DRW the prospects of market-making and liquidity.

Previously, the media claimed that the company is also in talks to support the initiative with Western Union, Visa and Mastercard.

Testing the network is supposedly scheduled for the third quarter of this year.

On May 2, Facebook registered Libra Networks in Geneva, Switzerland. Its profile involves the development of infrastructure and software, in particular, related to investment activities, payment transactions, financing, identity management, data analysis, Big Data, blockchain and other technologies.