Financial services company Standard Chartered invests in Cobalt’s expanding network

The London-based fintech Cobalt announced the expanding of its bank investors list with financial services company Standard Chartered as the latest addition. Standard Chartered became a client on Cobalt’s platform in February and now joins Citi as an investor in Cobalt’s expanding network.

Cobalt will be able to cut operational costs and reduce credit, settlement and operational risk by creating a single version of a trade and checking credit in real-time.

Right now, credit is over-allocated in the market and poses a significant systemic risk and the Cobalt solution allows for dynamic credit allocation across clients and counterparties to allow full compliance with the FX Global Code.

Cobalt brings new technology into post-trade and with it, high availability, throughput platform which enables full automation of the trade lifecycle, without the need for additional downstream reconciliation.

This technology can service interbank, prime, buy-side and bank-to-client relationships. With information security standards on the same level as Tier 1 bank, Cobalt allows banks to brand the technology to use for their own clients.


Gareth James, Macro COO from Standard Chartered said:

We see Cobalt as being a core part of our FX operating platform, enabling Standard Chartered to reduce risk and costs by automating manual processes across the bank and therefore improving services to our clients. This investment shows our confidence in the platform and we look forward to continuing to grow our relationship with Cobalt.

Darren Coote, CEO at Cobalt commented:

The past few months have been a tumultuous time for the financial markets with market participants realising quickly that their current infrastructures were not fit for the new normal. During this period Cobalt’s solutions have continued to allow our network to operate at ease as well as reducing their all-important operating costs.

Coote added:

We welcome Standard Chartered as our latest client investor and look forward to continuing to work with them in this new capacity, to both improve our services and extend our offering, with a particular focus on the emerging markets.

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