DBS launches blockchain-powered trade finance platform for Chinese SMEs

Thursday 12 September 2019 08:28 CET | News

DBS Bank has launched Rong E-Lian, a financing facility on a logistics blockchain platform that aims to give SMEs in China faster access to trade financing.

 Rong-E Lian offers multi-tier financing solutions to more than 1,000 suppliers in the company’s supply chain ecosystem within 24 hours, said DBS. The solution targets SMEs which may have limited access to trade financing due to their lack of scale or credit history.

The bank leveraged its Application Programming Interface (APIs) and integrated its digital onboarding service into the blockchain platform, which reportedly gives DBS the ability to verify the credentials of a supplier within seconds.

DBS successfully completed its first multi-tier financing transaction on the Rong-E Lian blockchain platform with suppliers in August 2019. The platform is part of DBS’ plans to expand partnerships with businesses located in the Greater Bay Area.

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Keywords: DBS Bank, blockchain-powered trade finance platform, product launch, trade finance, blockchain, China, SMEs, Asia, APAC, financing facility, small and medium size enterprises
Countries: World