Standard Chartered, Linklogis mark first joint transaction on blockchain

Photo by Chintunglee

Standard Chartered and Linklogis have recently completed their first joint deep-tier supply chain financing transaction for Digital Guangdong and its upstream suppliers.

This is the first time that the Linklogis platform has jointly delivered deep-tier supply chain financing with an international bank since signing with Standard Chartered a memorandum of understanding last February.

Digital Guangdong is a joint venture between Tencent, China Unicom, China Telecom and China Mobile, which to date has developed more than 700 digital government services and applications and processed over 200 million transactions for the residents of Guangdong province in South China.

They leveraged Linklogis’ WeQChain, a platform based on Tencent’s blockchain technology, to enable deep-tier supply chain financing. With that, the collaboration between Standard Chartered and Linklogis provided Digital Guangdong with transparency beyond their direct suppliers into their whole supply chain, as well as cheaper and more convenient access to credit for its upstream suppliers.

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.

“Our clients today have to compete not just on their individual strength, but also on the combined strength of their ecosystems,” said Xie Wen, head of commercial banking in China at Standard Chartered. “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, chairman and CEO of Linklogis, said that as a fintech company, they believe that closer collaboration with leading financial institutions like Standard Chartered will allow them to build innovative technological applications to solve the fundamental financing problems faced by SMEs.