Property developer Shui On Group and Assured Asset Management have partnered to launch a blockchain-based supply chain finance solution for suppliers of Shui On from banks and other financial institutions.
The Traceable Accounts Payable (TAP) platform is slated for launch in early 2020 with the aim of helping SME suppliers of Shui On receive payments from banks and credit investors.
The transfer of goods and services will be recorded on the TAP platform, where banks and credit investors can view verifiable data on a supplier’s involvement with the property developer. Banks and credit investors need this data so they can fund the suppliers’ receivables, regardless of their credit history or rating.
Robert Cheung, CEO of Assured Asset Management, spoke of the benefits of TAP on the SMEs’ side, saying the platform uses “modern technologies to resolve the difficulties of SME credit risk assessment and address the unique financing needs of SMEs.”
Shui On will bring suppliers in the Chinese construction supply chain on board later this month.
In China, Real Can (Ruikang) Pharmaceutical announced a blockchain-based supply chain finance solution with Zheshang Bank in November 2019, while a subsidiary of DBS Bank launched a blockchain-powered platform for SMEs.
Earlier this year, Standard Chartered and Linklogis completed their first joint deep-tier supply chain financing transaction for Digital Guangdong — a joint venture between Tencent, China Unicom, China Telecom and China Mobile — and its upstream suppliers.
CIMB’s division in Singapore is collaborating with SESAMi Holding and Capital Match to develop a solution to digitally finance invoices for suppliers.
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