Chinese tech conglomerate Tencent has created a new division, Tencent Financial Technology, with the aim of launching a blockchain-based supply chain finance platform, according to China Daily’s sources
Aaron Cai, general business manager of Tencent Blockchain, was quoted by China Daily as saying:
“We want to build WeChain as a supply chain finance service platform based on blockchain technology.”
“The platform will empower medium and small-sized enterprises, helping them to get out of the financing predicament.”
Partnered with supply chain fintech firm Linklogis to build the platform, Tencent hopes to harness blockchain ensure data credibility, security and reliability through the platform, reportedly known as WeChain, with the subsequent effect of reduced costs and improved efficiency across supply chain operations.
China Daily said that enterprise clients will be able to access the supply chain platform via Tencent’s ubiquitous super app, WeChat.
"Different from the traditional supply chain finance, the new platform incorporating blockchain could spread a core enterprise's good credit to each level of the industrial chain, which is extremely beneficial for small and middle-sized enterprises," said Ji Kun, managing director of Linklogis, according to China Daily.