Blockchain Platform ”Chained Finance” Launched in Shanghai.
The online loan market in China, Dianrong, and a subsidiary of Foxconn Technology Group called FnConn, announced the market launch of Chained Finance, a Blockchain platform for financing the supply chain.
The new Blockchain platform leverages advanced financial technology to meet the hugely underserved needs of supply chain finance in China. The two companies recently completed a successful pilot and proof of concept of Chained Finance by securing funding for small and medium enterprises (SMEs) in China.
Blockchain is revolutionizing the finance industry and offers seamless solutions to any company operating and financing complicated supply chains. Chained Finance creates a unique ecosystem that will provide supply chains with easier access to funding at competitive rates. In return, supply chain operators will gain greater visibility of their suppliers and the many layers of finance embedded in the process.
Jack Lee, Executive Director and CEO of FnConn said: “By using the Chained Finance platform, every payment, every supply chain transaction, can be more transparent, manageable and easily authenticated, Chained Finance will provide timely, efficient support to far more suppliers of all sizes. It will also help ensure the timely delivery of products to end customers and improve efficiencies across the entire supply chain.”
Chained Finance not only allows supply chain finance to deliver the necessary capital to smaller suppliers in the supply chain, but also provides greater visibility and transparency to large multinational manufacturers.
Headquartered in Shanghai, Chained Finance currently has 40 employees, which is expected to grow throughout this year. It is initially aimed at three major industries: automotive, electronics and garment manufacturing.
The finance chain is expected to help eliminate and minimize several trust issues faced by counterparties and deliver automated execution. The new Blockchain platform will serve as a facilitator of supply chains in many important industries and geographies.
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