By Staff Reporter
Standard Chartered has signed a memorandum of understanding (MoU) with Chinese fintech firm Linklogis to leverage the latter’s blockchain-powered supply chain financing platform.
Shenzhen-based Linklogis, a leading Chinese supply chain financing solutions provider, has previously received investments from Chinese tech giant Tencent and Singapore Government Investment Corporation, according to a statement from the London-headquartered global bank.
“The Bank 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 statement said.
The blockchain-powered platform is reported to improve supply chain transparency for large buyers, as well as to offer smaller enterprises more efficient and affordable access to credit.
Aside from the use of the blockchain platform, the MoU also reportedly outlines further areas for cooperation between Standard Chartered and Linklogis.
These areas are said to include expediting the bank’s onboarding of new clients by digitizing administration processes and improving risk management systems by means of Linklogis’ data and analytics capabilities.
For Linklogis, the deal is expected to benefit the firm by offering access to Standard Chartered’s global network and creating an opportunity for the provision of its solutions to firms that trade with China.