Dianrong and Foxconn launch China’s first blockchain platform

Dianrong, a leading online P2P marketplace lending company, and FnConn, a subsidiary of Foxconn Technology Group, have launched China’s first-ever blockchain platform called ‘Chained Finance’. The platform leverages advanced financial technology to meet the hugely underserved needs of supply chain finance in China.

The new blockchain platform allows supply chain finance to deliver the needed capital to smaller supply chain suppliers. Moreover, the platform aims to improve visibility and transparency to large multinational manufacturers. In the past, traditional supply chain finance firms had only about 15% of the supply chain suppliers. With the new technology, however, the companies expect the platform to help supply chain financing companies to triple the number of small suppliers they reach.

Chained Finance mainly aims to target three major industries—auto, electronics and garment manufacturing.

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