Standard Chartered and Linklogis debut joint transaction on blockchain platform
Standard Chartered and Linklogis have recently completed their first joint deep-tier supply chain financing transaction for Digital Guangdong and its upstream suppliers.
The bank leveraged Linklogis’ WeQChain, a platform based on Tencent’s blockchain technology, to enable deep-tier supply chain financing and transparency across the whole supply chain.
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.
Xie Wen, head of commercial banking in China at Standard Chartered, says: “Our clients today have to compete not just on their individual strength, but also on the combined strength of their ecosystems. 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.”
This milestone in the ongoing collaboration between the two parties is the first time that the Linklogis platform has jointly delivered deep-tier supply chain financing with an international bank.