Largest African Bank Joins Blockchain Innovators Network

Largest African Bank Joins Blockchain Innovators Network

Africa's largest bank has joined the Marco Polo Network of crypto and blockchain collaborators. Standard Bank is based in Johannesburg and operates across twenty African nations. 

The Marco Polo Network is powered by TradeX, and distrubted platform, and the blockchain technology by R3's Corda. These systems allow users to access working capital and gives more solutions for trade finance provision. 

Using APIs as leverage, the network offers Corporate Enterprise Resource Planning and helps bring about massive efficiences. Current partners of Marco Polo include BNP Paribas, Commerzbank, ING, LBBW, Anglo-Gulf Trade Bank, Standard Chartered Bank, among many others.

"We’re very pleased to welcome Standard Bank and pursue the development of the Marco Polo Network which will significantly increase transparency and efficiency in trade finance and ultimately, allow businesses to optimize their working capital.” said David E. Rutter, CEO of R3.

Standard Bank has a 156 year old history and operates in a continental market that is ready and willing to adopt fintech solutions. 

“The Marco Polo Network’s goal is to build the optimum trade finance environment that addresses critical market challenges, offers improved user experiences and constantly evolves to meet customer’s needs”, said Daniel Cotti, Chief Network Officer of the Marco Polo Network.