Standard Bank Group, the largest African bank by assets, has partnered with the Hedera Hashgraph and joined the Hedera Governing Council.
The partnership will see Standard Bank establish the continent’s first Hedera distributed network node with the goal of solving existing cross-border trade issues.
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SEE ALSO: Standard Bank Becomes the First African Bank to Join the Contour Blockchain Trade Finance Network
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The Hedera Hashgraph is a distributed ledger technology (DLT) that allows for the sharing of information between parties in a transaction.
Speaking about this partnership, Adrian Vermooten, CIO, Standard Bank, said:
“As an organisation, we have established that blockchain technology can track and leapfrog legacy issues that prevent a seamless and transparent payment experience for the customer, which ultimately enables cost savings for all stakeholders.
It is within our vision to enable the group and our clients to connect with networks, within and outside of the Standard Bank Group. These developments form part of our strategic objective to drive digital transformation both within the organisation, and with our partners as a key tenet of delivering value for clients.”
– CIO, Standard Bank
Standard Bank believes that digitization of assets will impact all facets of its business and thus requires strategically planning for these pieces of work to seamlessly work together.
Standard Bank now joins a list of reputable global brands as part of the Hedera Governing Council that are helping grow the network. These include:
- Boeing
- IBM
- LG Electronics
- Tata Communications
- University College of London (UCL)
- Deutsche Telekom
- Zain Group
- EftPos
- Dentons
- Avery Dennison
- Nomura
- Swirlds
- FIS (WorldPay)
- Magalu
In September 2020, Standard Bank became the first African bank to join Contour Network, another decentralized trade finance ecosystem credited as the first blockchain transaction by issuing a Letter of Credit (LC) in Bangladesh and the first cross-bank LC between Vietnam and Thailand on blockchain.
Standard Bank, once again, becomes the first bank on the continent to figuratively break ground for other financial institutions on the continent to adopt distributed ledger technologies for cross-border payments.
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RECOMMENDED READING: Standard Bank, Which Facilitates African Crypto Exchanges Services, Awarded Best Bank in Africa 2020 by Global Finance Magazine
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