On August 5, Linklogis announced that they had completed the first joint supply chain financing transaction for Digital Guangdong and its suppliers. This successful transaction is the continuation of an ongoing strategic collaboration between these two companies, who signed a memorandum of understanding in February focused on creating deep-tier supply chain financing for an international bank.
Digital Guangdong is the collaboration between Tencent, China Unicom, China Telecom and China Mobile. Together, these partners have developed over 700 digital government applications for government, and have run over 200 million transactions for residents of Guangdong since forming the partnership.
For Digital Guangdong, collaborating on this venture with Linklogis and its blockchain-based technology has been the perfect solution. Using Tencent’s blockchain technology as the primary platform has enabled them to be able to provide an incredible amount of transparency between the direct suppliers and all parties involved in the supply chain.
This had made it cheaper and more efficient but was only one of the primary goals that was met. The purpose was to not only create the perfect platform that would give larger supply companies greater visibility throughout the supply chain but to also create a supply chain with lower risks. This would ensure that banks would have the additional safety feature of knowing that an invoice was approved by the buyer.
In a statement by Xie Wen, the Head of Commercial Banking China at Standard Chartered, he explained, “Our clients today have to compete not just on their individual strength, but also on the combined strength of their ecosystems. Standard Chartered has always been committed to helping our clients create a healthy and sustainable ecosystem. 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.”
Charles Song, who is the Chairman & CEO of Linklogis, echoed these sentiments. “Linklogis is committed to the development of online, data-driven supply chain financial services to provide seamless integration between companies, funding providers and service platforms. 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.”
Standard Chartered has established themselves as one of the leaders in blockchain technology related to trade finance. They assisted on creating a blockchain technology that monitors transactions for Agrocorp. That platform has already processed a billion transactions in less than 18 months.
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