Standard Chartered Bank announced on Tuesday it signed a memorandum of understanding (MOU) with Linklogis to explore opportunities to enhance its supply chain financing proposition and deepen client relationships in China. Standard Chartered reported that it will use Linklogis’ force as a digital blockchain-enabled supply chain financing platform to deliver a distinct offering for its global banking and commercial banking clients.
“This provides large buyers with superior transparency on their entire chain of suppliers, and offers small and medium-sized suppliers cheaper and privileged access to credit. Both parties will also explore other areas for cooperation, such as improving the Bank’s client onboarding turnaround time through the digitisation of manual processes and enhancing its risk management approach with Linklogis’ data and analytics capabilities.”
Speaking about the partnership, Simon Cooper, CEO of Corporate, Commercial and Institutional Banking at Standard Chartered said:
“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. 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.”
Charles Song, Chairman & CEO of Linklogis added:
“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. Today, with the collaboration and partnership with leading financial institution Standard Chartered Bank, we strive to build a revolutionary and innovative technological application that will solve the fundamental funding problems faced by SMEs.”