Dianrong (点融), a leading Chinese online P2P lending service provider today announced cooperation with R3, a global platform specializing in distributed data technology. The Chinese fintech company’s supply chain finance solutions will land on Corda, R3’s open-source distributed ledger.
Dianrong hopes the cooperation will enable the company’s end-to-end service through a comprehensive supply chain and increase efficiency by ensuring transparency. The company’s initiative is to allow micro and small businesses to access credit and financial services.
According to Soul Htite, co-founder of Dianrong and former officer at U.S. online lending platform Lending Club, “And through a CorDapp (Corda Distributed Applications), we can make this solution (supply chain finance) even more accessible and easier to use for supply chains in China and around the world.”
The cooperation with R3 could be a strategy to enhance profitability, expand their global business, as well as find possible exit channels for existing investors and new reasons for potential new investors.
Last year, Dianrong unveiled its IPO ambition for 2018. Responding to TechNode’s follow-up inquiries in January, the company gave no direct answer. Dianrong was also named in 2016 to the executive directorship of the National Internet Financial Association of China.