Standard Chartered Bank announced on Monday that it and Linklogis have recently completed their first joint deep-tier supply chain financing transaction for Digital Guangdong and its upstream suppliers. According to Standard Chartered, the transaction is included in the ongoing strategic collaboration between the two parties since signing a memorandum of understanding in February and it is the first time that the Linklogis platform has jointly delivered deep-tier supply chain financing with an international bank.
“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, a province in South China.”
Speaking about the transaction, Xie Wen, Head of Commercial Banking China at Standard Chartered, stated:
“Our clients today have to compete not just on their individual strength, but also on the combined strength of their ecosystems. Standard Chartered has always been committed to helping our clients create a healthy and sustainable ecosystem. 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 & CEO of Linklogis, then added:
“Linklogis is committed to the development of online, data-driven supply chain financial services to provide seamless integration between companies, funding providers and service platforms. As a FinTech company, we believe closer 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.”