A subsidiary of one of the world’s largest electronics manufacturers has partnered on the launch of a new blockchain-based supply chain finance platform.
FnConn, the financial services arm of Taiwan-based Foxconn, launched the platform alongside Dianrong, a Chinese online lending marketplace. Dubbed Chained Finance, the platform is aimed at providing working capital to smaller businesses involved the manufacturing supply chain. According to the two firms, a previous proof-of-concept involved the issuance of loans worth $6.5m to a group of unnamed companies.
Chained Finance has an initial focus on the automotive, electronics and garment production industries, though FnConn and Dianrong indicated that this scope could be widened in the future. The new company employs 40 people, representatives for the firm said, a number expected to rise in the months ahead.
Jack Lee, CEO and executive director of of FnConn, said in a statement:
Both FoxConn and Dianrong have worked with the tech in the past.
Founder and CEO of Dianrong, Soul Htite, said in a statement:
Image Credit: 360b / Shutterstock.com
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