Today Standard Chartered
announced it has signed a memorandum of understanding (MOU) with Chinese supply chain finance platform Linklogis. The startup runs a blockchain-enabled platform that gives large buyers visibility over their supply chains. Additionally, it offers SME suppliers cheaper access to credit because there’s a lower risk given they know the invoices are approved by the buyer.
In addition to extending funding, both parties will explore other areas of cooperation. One area is to speed up onboarding of clients for Standard Chartered through digitization. Another avenue is using Linklogis’ data and analytics methodologies to enhance risk management.
Linklogis was founded in 2016 and in 2018 received $220 million in Series C funding led by the Singapore Government Investment Corporation (GIC). Other investors include Tencent, CITIC and Bertelsmann. The company’s accumulated transactions total almost 30 billion yuan ($4.5 billion).
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