The lender seeks to transform the traditionally paper intensive bank guarantees business to fully digitised process, from initiation of the bank guarantee to the claim handling.
Standard Chartered has collaborated with Siemens Financial Services and TradeIX to pilot an end-to-end blockchain-based smart guarantees proposition in trade finance.
Motasim Iqbal, StanChart’s Head of Transaction Banking in UAE, said that this is an industry-defining solution which we believe will transform the way guarantees are issued and processed in the UAE.
The digitalised system will enable Siemens to digitise its guarantee process for customers with large transaction volumes in the future, spanning issuance as well as amendments and claims, eliminating the multiple touch-points and inefficiencies which are inherent in the paper intensive process today.
“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,” added Michael Bueker, CFO of Siemens.
The pilot started in March 2018 and will be fully completed later this year.