Today, Hong Kong-based Assured Asset Management launched a blockchain-based supply chain finance solution with property developer Shui On Group. The ‘Traceable Accounts Payable’ (TAP) platform plans to onboard suppliers of Shui On and will provide finance to them from banks and other financial institutions.
Shui On Group is the parent company of the Shanghai-based Shui On Land which has a market capitalization of about $1.8 billion on the Hong Kong Stock Exchange. The flagship subsidiary is engaged in large scale property development projects across mainland China.
As with all supply chain finance solutions, the starting point is the buyer, in this case, Shui On. Through its involvement, banks can be sure that invoices are legitimate and can see when Shui On authorizes them for payment or disputes them.
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