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Standard Bank is in Blockchain agreement on Asia soft commodities trade with Africa

By David Whitehouse
Posted on Thursday, 1 July 2021 18:22

Trucks wait to pass through the main gate of the El Ain El Sokhna port to the Suez Canal, March 24, 2021. REUTERS/Amr Abdallah Dalsh

Standard Bank is in the process of concluding an agreement with Singaporean fintech Dltledgers to use Blockchain technology to improve soft commodities trade between Africa and countries of the Association of Southeast Nations (ASEAN), the bank’s head of trade Vinod Madhavan tells The Africa Report.

The agreement, which will allow trade finance letters of credit to be issued via Blockchain, is set to become operative in the coming month, Madhavan says in Johannesburg. The potential exists to extend the accord beyond ASEAN, he adds.