Bank joins founding partners as one of Partior’s strategic backers, boosting the firm’s globalised value proposition
Standard Chartered Bank building at Beach Street in George Town, Penang. (Credit: Gryffindor/Wikipedia)
Standard Chartered announced today at the Singapore Fintech Festival its investment in Partior, the trusted global network for value exchange. As an active participant in the Singapore FinTech ecosystem, this investment will make Standard Chartered a Founding Shareholder of Partior. Standard Chartered brings to the network its global payments expertise and clearing footprint, significantly strengthening Partior’s international reach and capabilities.
In addition to joining the ranks of Partior’s founding partners, Standard Chartered will serve as the first Euro settlement bank for the Partior platform. This development puts Partior on track to achieve its plan to broaden its currency offerings beyond the first slate of eight global currencies – USD, SGD, GBP, EUR, AUD, JPY, CNH and HKD, by 2023.
The investment represents the synergy between Standard Chartered and Partior, as Standard Chartered deepens its blockchain innovation capabilities, ramping up its commitment to building a more transparent, efficient and secure infrastructure for global value movement. As one of the world’s most established international banks, the investment will accelerate Standard Chartered’s deployment of blockchain technology across its global wholesale payments and settlements network, scaling the utility of Partior’s technology in global capital markets.
Philip Panaino, Global Head of Cash, Transaction Banking at Standard Chartered said: “Our investment in Partior will allow us to deliver the speed, efficiency and visibility of domestic settlement systems to cross-border transactions, simplifying and improving the experience for our clients.” He added: “As we navigate the increasingly connected payments universe, we recognise that a concerted effort is needed. To that end, we are delighted to collaborate with industry partners who share our commitment to deliver the G20 aspirations of enhancing cross-border transactions for the benefit of citizens and economies worldwide.”
Strengthening Partior’s leadership as an enabler of next generation wholesale payment rails, the investment marks a significant milestone in Partior’s growth trajectory. The company recently unveiled its full senior leadership team and launched its Hyderabad Development Centre in a span of seven months following its success to atomise cross-border value movements, achieving a record end-to-end SGD-USD settlement in less than 120 seconds last October.
Partior CEO, Jason Thompson said: “We are excited to grow our network of distributed payment and settlement partners and realise the future of financial services with blockchain technology. As we transform the global financial infrastructure through the delivery of our technology, we welcome Standard Chartered as an investor and valued partner. Standard Chartered is one of the most established international banks in the industry, and we cannot think of a more strategic partner to diversify our network and accelerate the real-world utilisation of our technology in international markets. We look forward to working closely with our partners to continuously deliver value to the ecosystem as we scale our core services globally.”
Source: Company Press Release