Standard Chartered has struck an agreement with Linklogis to use the Chinese B2B player's blockchain-enabled supply chain platform to improve business financing opportunities and deepen client relationships in China.
The Linklogis platfom provides large buyers with increased 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.
For Linklogis, the agreement opens up access to the bank's wider cross-border network and the opportunity to develop solutions for businesses importing into, and exporting out of, China.
Simon Cooper, CEO of corporate, commercial and institutional banking at Standard Chartered says: “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.”