STANDARD CHARTERED WILL USE BLOCKCHAIN-BASED SUPPLY CHAIN FINANCING PLATFORM
The multinational banking and finance company Standard Chartered has signed a Memorandum of understanding with Chinese fintech firm Linklogis, supported by Tencent. The agreement will allow Standard Chartered to use the blockchain-based Linklogis supply chain financing platform.
Standard Chartered is reportedly going to use a blockchain-based platform Linklogis for the financing of supply chains to improve financing capabilities of the business and consolidate its network and customer relationships in China. The blockchain platform increases the transparency of the supply chain for large buyers, as well as offers small businesses more efficient and convenient access to credit.
In addition to using the blockchain platform, the agreement also implies further cooperation between Standard Chartered and Linklogis in other areas. The report says that these areas include accelerating the registration of new customers of the bank by digitizing the administration processes and improving risk management systems using data and analytical capabilities of Linklogis.
For Linklogis, the agreement will also bring considerable benefits by giving the company access to the global Standard Chartered network and opening opportunities to provide its solutions to firms that import and export to China.