By Staff Writer
Standard Chartered and Linklogis, a unit of Tencent, have completed their first supply chain financing transaction on the latter’s blockchain platform.
It is a part of the Digital Guangdong initiative which is a joint venture between Tencent, China Unicom, China Telecom and China Mobile.
It has so far developed more than 700 digital government services and processed over 200mn transactions for residents of Guangdong province in China, a statement said.
The strategic collaboration, which was first announced in February, is the first time that the platform, known as WeQChain, has jointly delivered supply chain financing with an international bank.
The partnership enables Standard Chartered to provide financing to all the members of the supply chain, especially upstream suppliers, thanks to the transparency afforded by blockchain technology on its platform.
“With the feasibility of the joint transaction successfully demonstrated, both Standard Chartered and Linklogis are actively expanding this distinct solution to deliver the benefits to more supply chain ecosystems,” the statement said.
Xie Wen, head of commercial banking for China at Standard Chartered, said the latest collaboration with Linklogis to leverage blockchain technology will help provide distinct service to its clients and empower the supply chain ecosystems.
Charles Song, chairman & chief executive of Linklogis, said that the latest “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 (small and medium enterprises.”