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JOHANNESBURG and DALLAS, Feb. 24, 2021 /PRNewswire/ Standard Bank Group, the largest African bank by assets, has partnered with Hedera Hashgraph, an enterprise-grade distributed public ledger, and joined the Hedera Governing Council. Standard Bank will establish the continent s first Hedera network node, which is set to solve some of the sore points that have historically beset the development of cross-border trade.
Lengthy settlement periods, information asymmetry between multiple parties involved in a transaction, which ends up creating delays in receiving approval from intermediaries, are some of the challenges that create bottlenecks in cross-border trade. Further, there is little to no visibility or transparency for all parties involved.
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Standard Bank Group establishes Africa s first Hedera network node to enable much-needed digitisation of cross-border trade processes
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