DBS Launches Multi-Tier Supply Chain Finance Blockchain for Chinese SMEs

Asia Blockchain Review
September 20, 2019
DBS Launches Multi-Tier Supply Chain Finance Blockchain for Chinese SMEs

Singapore-based DBS Bank announced the launch of its multi-tier trade finance service on the blockchain platform ‘Rong-E Lian’ in a bid to make trade financing more accessible for Chinese small and medium-sized enterprises (SMEs), as reported by Singaporean local news outlet The Straits Times. 

According to DBS, such a system makes it possible to provide trade financing within one day, whereas conventional paper-based methods would have taken weeks or even months.

Multi-tier Solutions Offer Greater Opportunities for SMEs 

Developed in partnership with an unnamed leading Chinese logistics provider (believed to be SF Group), Rong-E Lian offers multi-tier financing solutions to over 1,000 of suppliers in the company’s supply chain ecosystem.

The multi-tier financing solution is especially beneficial to suppliers embedded beyond the first layer of the logistics supply chain ecosystem, as they include SMEs with limited access to trade financing due to their lack of scale or credit history.

Blockchain Completes Credential Verification within 24 Hours

Leveraging DBS’ Application Programming Interface (API), the bank has integrated its digital onboarding service into the blockchain platform so that the credentials of a supplier can be instantly verified. Once verified, the bank is able to offer digital trade financing services to upstream firms in the ecosystem within 24 hours in an efficient, more accessible fashion.

“By using new technologies such as blockchain and APIs, we hope to democratise trade finance by providing SMEs more affordable and convenient access to bank credit to enable them to realise their business ambitions, serve their customers well and expand into new markets with ease,” said Neil Ge, CEO of DBS China.

Source: https://www.straitstimes.com 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Covid-19 is A Wake Up Call: Infinity Blockchain Labs Taiwan Explains
    Get more insights on the bandwagon of adapting towards the future technology of transparency to trac...

    May 29, 2020

    Transparency and Traceability of the Future Technology
    ABR recently had a chat with Steve Nam, the Managing Director of WOWTRACE on authenticity and transp...

    May 29, 2020

    C-LOG Is Charting Its Own Course Ahead
    We recently sat down with Kristina Lynge, CEO & Founder, C-LOG for a conversation on things so far. ...

    May 28, 2020

    MAHSA University on Blockchain: Exclusive Interview with Dr Saad Musbah
    ABR recently spoke to the Head of Student Central and Senior Lecturer at MAHSA University, Dr. Saad ...

    May 27, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us