Standard Bank, known as the largest banking institution in the African continent, has recently decided to join forces with the Marco Polo Network, a blockchain-based financial company. Now, the bank will start to create financial solutions together with the blockchain company.
According to the press release, several other important institutions are also partners of Marco Polo such as the Dutch ING bank and the French BNP. Standard Bank was the first African bank ever to be a part of the group.
At the moment, the Marco Polo Network has companies from all over the world. Besides the companies cited to so far, there are the Danske Bank, Commerzbank, Bradesco, Anglo-Gulf Trade Bank, NatWest, Helaba, Alfa Bank, S-Servicepartner, RBI and Bayern LB. R3’s Corda blockchain is the underlying technology used by them.
The main goal of the network is the development of blockchain solutions that can be used in the banking sector. The group offers broker dealer solutions, multi-currency transactions and other financial services.
This does not mean that the Marco Polo Network has not suffered any with any issues. R3, especially, had several disagreements about how the group was using its technology. This caused a big delay in the project, according to sources. Some of the companies involved in the initiative are already doing transactions on the Marco Polo trading platform, however.
It looks like this partnership might affect the Standard Bank very positively and Africa may reap some of the benefits as well.