Home Cryptocurrency Standard Chartered Announces First Strategic Investment In China

Standard Chartered Announces First Strategic Investment In China

Standard Chartered Announces First Strategic Investment In China

  • Standard Chartered Bank, announced a strategic investment in the China-based firm Lianyirong Digital Technology Group Co., Ltd.
  • China’s Lianyirong is a forerunner in the race of global industrial transformation and up-gradation.
  • The benefits of the blockchain technology, Standard Chartered Bank and Lianyirong are working on a new path to expand the financing coverage for upstream.

Standard Chartered Bank, the multinational financial service provider, announced a strategic investment in the China-based firm Lianyirong Digital Technology Group Co., Ltd. (after this referred to as Lianyirong).

The British financial giant also stated that blockchain technology would be used to “upgrade the supply chain financial services, assist the enterprise’s ecosystem management, and provide its suppliers with convenient financing services, alleviating the bottleneck of financing difficulties for small, medium and micro enterprises.”

This investment in the Chinese supply chain platform marks Standard Chartered Bank’s first investment in China. For Lianyirong, this is the first instance of backing from a global bank.

Presently, China’s Lianyirong is a forerunner in the race of global industrial transformation and up-gradation, which expected to change the life of many.

Powered by the benefits of the blockchain technology, Standard Chartered Bank and Lianyirong are working on a new path to expand the financing coverage for upstream and downstream companies within the supply chain.

This expected to create a supply chain where a deep transfer is possible through electrification, and that will provide the benefits of being transparent, traceable, and none-tamperable.

This will lead the company to be able to seek relevant information on the industrial chain and payment voucher materials at convenience and make decisions on credit effectively. This will ensure not only hassle-free and efficient financial arrangements but also is time-saving.

Reports have also stated that Standard Chartered Bank hopes to continue this alliance with Lianyirong and utilize its technical expertise to create an interface within the bank’s financial system allowing the bank’s funds to enter the industry chain effectively.

The two sides also expected to explore new avenues, including extending technical solutions for commercial needs in cross border capital flows.

Hong Yingzheng, Chief Executive Officer of Standard Chartered Bank Greater China and North Asia, has stated that-

“Standard Chartered’s strategic investment in Lian Yirong not only enhances the industry-financed integration and the customer’s ecosystem but also helps to meet the needs of China’s real economy for capital flows, especially serving relevant enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area.”

He further added that the partnership has emerged in a time where a global trend of customers looking for efficient and trusted digital platforms has begun and will thus produce effective results.

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

Security and protection of funds are that the prime priority for EagleFX

Headquartered at the Commonwealth of Dominica, Eaglefx was fashioned in 2019 with a vision to ease commerce for its customers and provides...

Lisk Bulls Targeting For $2.00 With No Signs of Reversals Amid Significant Bullish Run

After breaking above the crucial mark of $1.00, Lisk has further continued its positive run in the market and showing no signs...

Malaysian crypto trade says $3 billion blockchain bond is removed

 A Labuan-put together exchanging stage centred concerning computerized resources including cryptocurrency. Malaysian cryptographic money centred trade has been removed at the guarantor's solicitation.The...

Hackers used GoDaddy Employees to Hack Crypto Sites: Liquid and NiceHash

GoDaddy Employees have been fooled by the hackers and the crypto sites Liquid and NiceHash have been hacked.The hackers used a phishing...

BAT Bounces from the Support Breaking the Falling Channel Pattern

Basic Attention Token (BAT) gave a positive breakout from the falling channel pattern over the monthly chart after taking the support from...

An Ethereum address with a minimum of one ETH token can cross the mark of its previous ATH

Ethereum wallet addresses to break its previous all-time high recordThe high number of wallet holders affecting the Ethereum tokenComparing to previous rally...

Related News

Digital change is essential however we don’t uphold private cryptocurrencies- German Finance Minister

Germany's Finance Minister Olaf Scholz has referenced secretly given cryptocurrencies resources.The European Union (EU), including Germany, is quickening innovative work on the...

Airbnb plays blockchain popular expression bingo in $ 1B IPO documenting with SEC

Crypto firms are genuinely attempting to restore the gravely hit travel area utilizing conveyed record innovation. The record rolls out an elite of...

The Cryptocurrency Mining Equipment market is skyrocketing

Stratagem Market Insights added an overview of the Cryptocurrency Mining Equipment MarketThe insider report covers various aspectsDifferent methodology to study the competitive...

Brazilian Indigenous Tribes Neglected by the Government

Jair Bolsonaro, The President of Brazil, is known for looking down on its indigenous people. He is racist and discriminative towards themHe...

ZebPay to Dispatch India’s non-fungible Crypto Token and Commercial Center

A non-fungible token (NFT) is a cryptographic symbolic that speaks to something exceptional and has singular qualities that set them apart. The distinction...