Standard Chartered, a multinational banking and financial services firm, has signed a memorandum of understanding (MoU) with Tencent-backed Chinese fintech firm Linklogis. According to a February 12 report from Finextra, the London-based bank will use the Chinese B2B player’s blockchain-enabled supply chain platform to improve business financing opportunities and deepen client relationships in China.
Linklogis is a supply chain financing solutions provider based in Shenzhen, China. The company sealed a series of high-profile investment from backers that include Singapore’s Government Investment Corporation and has partnered with Tencent to launch a financial blockchain platform “TrustSQL” in April 2017.
Apart from establishing the ground rules for the use of Linklogis’ blockchain platform, the MoU outlines a few other areas the partnership between the companies can improve. Standard Charter aims to improve its client onboarding turnaround time through the digitization of manual processes and enhancing its risk management approach with Linklogis’ data and analytics capabilities, Finextra reported.