Copy link
Increase text size
Decrease text size
Link copied

Standard Chartered, Linklogis complete first blockchain supply chain finance transaction

Image Credit: Lord Koxinga [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)]

Tue, 06 Aug 2019, 04:16 am UTC

Financial services giant Standard Chartered has successfully completed its first blockchain-based deep-tier supply chain financing transaction with China-based supply finance firm Linklogis. The financing was intended for upstream suppliers of Digital Guangdong, according to a press release.

Digital Guangdong is a joint venture between Tencent, China Unicom, China Telecom, and China Mobile. It has developed more than 700 digital governmental services and applications and processed over 200 million transactions.

As per the announcement, the latest transaction utilized Linklogs’ platform “WeQChain,” which is based on Tencent’s blockchain technology.

One of the goals was to enhance transparency, allowing larger suppliers greater visibility over their supply chain. The second aim was to improve credit access, enabling small- and medium-sized enterprise (SME) suppliers to enjoy cheaper credit since there is lower risk as the bank already knows the buyer has approved the invoice.

As a FinTech company, we believe closer collaboration with leading financial institutions like Standard Chartered will allow us to build innovative technological applications to solve the fundamental financing problems faced by SMEs,” Charles Song, Linklogis Chairman and CEO, said.

Xie Wen, the head of commercial banking in China at Standard Chartered, also noted that the latest move will enable their clients to remain competitive.

Our clients today have to compete not just on their individual strength, but also on the combined strength of their ecosystems… Through our cooperation with Linklogis, and by leveraging blockchain technology, we will be able to offer our clients a distinct service to empower their ecosystems,” Wen said.

It can be recalled that Standard Chartered signed a memorandum of understanding with Linklogis last February to leverage the latter's blockchain-enabled platform to enhance its supply chain financing proposition and deepen client relationship in China.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,111.50 (+3.26%)
  • Ethereum (ETH) $279.86 (+4.28%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $417.47 (+1.45%)
  • Bitcoin SV (BSV) $307.69 (-2.97%)
  • Bitcoin (BTC) $10,111.50 (+3.26%)
Feb 19, 2020 (Wednesday)
06:00
Crypto Technicals: BTC/USD consolidates previous session's spike, 'Golden Cross' keeps scope for further upside
05:03
Crypto finance firm Amber raises $28M in Series A funding
04:32
China upgrades national PPP information platform to use blockchain, AI and big data
Feb 18, 2020 (Tuesday)
13:26
Enjin’s game development platform goes live on ethereum
12:14
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:14
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:13
Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients
11:12
Crypto derivatives exchange Deribit lists daily ether options
10:48
UEFA EURO 2020 tickets to be distributed using blockchain-based ticketing system
10:12
South Korean and Singaporean crypto exchanges partner to develop new services
09:42
Russian central bank completes blockchain tokenization pilot in its regulatory sandbox
08:17
Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption
08:16
Crypto exchange FCoin likely to default after up to $130M bitcoin shortfall
06:46
France-based Lagardère Sports partners with blockchain-based fan engagement platform Chiliz
05:36
Binance launches cloud solution to simplify launching cryptocurrency exchanges
04:52
Crypto Technicals: BTC/USD hovers around 21-EMA (9690), potential 'Golden Cross' limits downside
04:51
Telecom giants jointly test blockchain solution for automating roaming discount agreements
Feb 17, 2020 (Monday)
13:34
Fullerton Markets adds support for cryptocurrency deposits and withdrawals
13:02
Crypto asset custodian Copper raises $8M in Series A round
12:06
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft