Standard Chartered has made its first supply chain financing transaction that is based on blockchain.
The London-based bank which doubles as a financial services firm ran its first joint deep-tier supply chain financing transaction after partnering with Linklogis — a China-based supply chain financing service provider — as per the announcement that Standard Chartered released on Aug. 5.
Before this news came out, Standard Chartered and Linklogis had signed a memorandum of understanding on February 2019. In that agreement, the two firms agreed to expand the supply chain visibility of the bank and also China’s economy and innovation support sustainable growth.
Tencent’s blockchain tech supports Linklogis platform
Tencent’s (Chinese internet giant) blockchain technology reportedly supports Linklogis’ platform — dubbed WeQChain — new transaction.
Upstream suppliers will access credit transparently and at lower costs especially within Digital Guangdong (the China-based project) with the parties’ application of the platform.
Tencent, China Telecom, China Mobile and China Unicom entered a joint venture to develop Digital Guangdong that would facilitate more than 700 digital governmental services and applications as well as to process over 200 million Guangdong province residents’ transactions.
Standard Chartered’s head of commercial banking in China Xie Wen has stated that clients will remain competitive with the adoption of blockchain technology following the company’s cooperation with Linklogis. A former head of public affairs at Standard Chartered Bank Ed Bowles was hired for Facebook’s Libra earlier this year.
In conclusion, although its Headquarters is in London, Standard Chartered is actually an international bank that has branches all over, in Asia, the Middle East, and Africa.