The investment enables Standard Chartered to speed up the implementation of blockchain technology. Credit: geralt from Pixabay.

British banking giant Standard Chartered has made a strategic investment in Singapore-based blockchain-driven clearing and settlement platform Partior.

The investment, which was a part of the firm’s Series A funding round, has made the bank a founding shareholder of Partior.

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The fundraising also saw the participation of Partior’s existing shareholders, including DBS, J.P. Morgan and Temasek.

With the investment, Standard Chartered becomes the first European settlement bank for the blockchain payments platform.

The move, which awaits regulatory approvals and other customary closing conditions, enables Standard Chartered to speed up the implementation of blockchain technology across its wholesale payments and settlements network worldwide.

The investment, value of which has not been disclosed, will be used by Partior to implement its plan to expand its existing currency offerings by next year.

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Standard Chartered global head of cash, transaction banking Philip Panaino said: “Our investment in Partior will allow us to deliver the speed, efficiency and visibility of domestic settlement systems to cross-border transactions, simplifying and improving the experience for our clients.”

Panaino added: “As we navigate the increasingly connected payments universe, we recognise that a concerted effort is needed.

“To that end, we are delighted to collaborate with industry partners who share our commitment to deliver the G20 aspirations of enhancing cross-border transactions for the benefit of citizens and economies worldwide.”

In October last year, Standard Chartered made a strategic investment of $500m in Atome Financial, which operates buy now pay later (BNPL) platform Atome.