Standard Chartered Employs Blockchain For Supply Chain Finance
Standard Chartered recently announced that the institution successfully ran their first joint deep-tier supply chain financing transaction in collaboration with China-based supply chain financing service provider Linklogis.\
In February 2019, a memorandum of understanding was signed by Standard Chartered and Linklogis whereby both the firms agreed to collaborate on expanding the bank’s supply chain visibility, as well as to support sustainable growth of China’s economy and innovation.
Their latest transaction reportedly involved Linklogis’ platform dubbed WeQChain, which is based on blockchain technology from Chinese internet giant Tencent. With the help of this platform, the parties’ objective was to encourage transparency and optimize costs of access to credit for upstream suppliers within the China-based project known as Digital Guangdong.
According to Xie Wen, the head of commercial banking in China at Standard Chartered, cooperation with Linklogis and adopting blockchain technology will allow their clients to remain competitive.