China Everbright Bank is making use of Ant Financial’s blockchain platform to expedite supply chain financing for companies in central China.
A major liquor producer in the Jiangjin district of Chongqing municipality and a local supplier recently made use of the “Guangxintong” (光信通) blockchain-driven supply chain finance product to resolve difficulties in relation to start-work funds.
Guangxintong was developed by China Everbright Bank in collaboration with Ant Financial, and makes use of Ant Blockchain’s “Duo Chain” (双链通) platform.
The Duo Chain is supply chain network services platform that enables multiple parties to cooperate, and was first developed by Ant Blockchain (蚂蚁区块链) in collaboration with Ant Financial-backed online lender MYBank (网商银行).
Everbright is reportedly one of the first banks to make use of the Duo Chain platform, having first commenced collaboration with Ant Financial on blockchain financial innovations and supply chain financing in the second half of 2019.
Users on the Duo Chain platform can now complete identity verification and electronic signature with Everbright Bank, as well as upload relevant transaction data and operations information to the blockchain for tracking purposes.
Everbright said it has also integrated internal and external data management platforms, enterprise credit platforms and other linked systems to raise the efficiency and quality of its financial products.
According to Everbright the nextstep will be to “continually enrich the supply chain finance ecosystem model,” as well as continually improve the reach and convenience of banking services via opening up of the “Sunshine blockchain” (阳光区块链) product.