Standard Bank Group, the largest African bank by assets, has partnered with Hedera Hashgraph, to address issues regarding the development of cross-border trade. Standard Bank will establish the continent’s first Hedera network node, according to a release.
Hedera is an enterprise-ready blockchain that is designed to handle real-world transactions. Hedera states that by using their blockchain ecosystem, Standard Bank can reduce bottlenecks and settlement periods while adding transparency to the process.
Standard Bank Group has previously leveraged blockchain for several use cases, including foreign exchange (FX) payments and settlements.
Adrian Vermooten, Standard Bank’s Chief Innovation Officer, said they have established that blockchain technology can track and leapfrog legacy issues that prevent a seamless and transparent payment experience:
“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.”
Ian Putter, Head of DLT/Blockchain at Standard Bank Group, added:
“As we see increasing interest in Central Bank Digital Currencies (CBDCs), tokenization of assets, and utilization of stablecoins, it has become increasingly clear that digitization of assets will impact all facets of our business, and we must strategically plan for these pieces to work seamlessly together.”
Mance Harmon, CEO and co-founder of Hedera Hashgraph, described Standard Bank as a trailblazer in its use of DLT to further its mission.
As part of the partnership, Standard Bank joins the Hedera Governing Council that already includes Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, eftpos, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.