Standard Chartered Signs MOU With Chinese Blockchain-Enabled Supply Chain Finance Platform

Blockchain, News | February 13, 2019 By:

Multinational banking and financial services firm Standard Chartered has signed a memorandum of understanding (MOU) with Linklogis to enhance its supply chain financing proposition and deepen client relationships in China.

Based in China, Linklogis is a supply chain financing service provider. It is committed to the development of supply chain financial business on basis of practical scenes, Internet, statistics, holding the banner of building China’s largest financial services company with specialized supply chain and increasing shareholder value. The company aims at contributing to development of financial market and efficient growth of overall economy.

Under the agreement, Standard Chartered will leverage Linklogis’ strengths as a digital blockchain-enabled supply chain financing platform to deliver a distinct offering for its global banking and commercial banking clients in China. The companies will also explore other areas for cooperation, such as improving the bank’s client onboarding turnaround time through the digitization of manual processes and enhancing its risk management approach with Linklogis’ data and analytics capabilities.

“As a leading international bank with more than 160 years of ongoing operations in China, we are well-positioned to play the role of a trusted banking partner by connecting our clients multilaterally and providing them with faster and more convenient access to financing solutions,” said Simon Cooper, CEO of Corporate, Commercial and Institutional Banking at Standard Chartered. “We are delighted to partner with Linklogis and explore potential opportunities for the co-creation of innovative client offerings to further grow our presence in China.”

The Linklogis blockchain-enabled supply chain financing platform will provide large buyers with more transparency on their entire chain of suppliers. It will also offer small and medium-sized (SME) suppliers cheaper access to credit because there’s a lower risk given they know the invoices are approved by the buyer.

Charles Song, Chairman and CEO of Linklogis, said that with the partnership, they strive to build a revolutionary and innovative technological application that will solve the fundamental funding problems faced by SMEs.

“It has always been our mission as a FinTech company to create the most professional and best in class supply chain financing platform with the most advanced technology to enhance the financing solutions for our clients,” Song said.