Standard Chartered is pumping in an unrevealed amount into Chinese supply chain platform Linklogis, enabling it to obtain an equity stake and providing an additional boost to the already existing alliance between the two entities.
Speaking on the collaboration formed with Linklogis, Benjamin Hung, the regional CEO for Greater China and North Asia at Standard Chartered, said that corporate clients are hugely scouting for safe and successful digital avenues to fulfil their supply chain funding requirements.
And, he added that the bank’s foray into Linklogis, which was created in 2016, not only enables them to serve their clients more effectively but also reemphasises its endeavour to assist China’s opening up by coordinating the flow of capital, especially for the Greater Bay Area.
For the British banking giant, this is its maiden investment venture in a Chinese supply chain, which will facilitate Linklogis’ combined supply chain network initiative.
Standard Chartered began its transaction with Linklogis in February 2019 through a Memorandum of Understanding (MoU) that was inked to provide a supply chain financing mechanism. The global bank behemoth seeks to leverage on Linklogis’ prowess to give large purchasers transparency into suppliers and also convenient, reasonable credit.
Last November, the bank declared that it was the newest financial firm to enter the conglomerate Enterprise Ethereum Alliance (EEA), a standards organisation focused on creating open blockchain specifications.
Simon Cooper, CEO of corporate, commercial and institutional banking at Standard Chartered, sounded very optimistic when he said that offering deep-tier supply chain funding is of great importance in the bank’s policy of assisting its clients’ overall sales and distribution channels.
He went on to say that Standard Chartered was delighted to strengthen its flourishing relationship with Linklogis as both of them had a common vision to facilitate transactions across the globe in a feasible manner.
Charles Song, chairman and CEO of Linklogis, too echoed similar sentiments when he said that the fintech firm’s alliance with Standard Chartered had been a fruitful one so far and he was eagerly looking forward to the upgrading of business transactions to a whole new level.