Ant Financial applies blockchain to supply chain finance

Thursday 7 March 2019 14:33 CET | News

Ant Financial has announced a new blockchain supply chain finance subsidiary called Ant Shuanglian Technology.

Literally translated that means Ant Double Chain, a reference to the intersection of blockchain and supply chain. The aim is to provide financing for SMEs who have large corporate customers.

In the case of the Ant Double Chain pilot, the test company was a car manufacturer. The corporate raises orders and the SME supplier delivers the goods and sends an invoice. The critical step is the buyer approves the invoice. This gives a warranty to a bank that the bill will get paid. So the SME supplier can then sell the invoice to the bank at a discount getting immediate payment. When the invoice comes due, the large corporate pays the bank instead of the SME.

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Keywords: Ant Financial, Ant Shuanglian Technology, Alipay, product launch, China, supply chain finance, blockchain, distributed ledger technology,
Countries: World