Singapore's DBS Bank has launched a blockchain-based, multi-tiered financing facility designed to offer faster access to trade financing for small and medium-sized businesses in China. The blockchain platform, Rong-E Lian, will be assimilated with DBS' digital onboarding service which necessitates facial biometric authentication to allow access to the platform. According to an announcement by DBS Bank, the new platform is aimed at providing more efficient financial services to SMEs, including those that are not yet able to use traditional banking services.
Singapore's DBS Bank has launched a blockchain-based, multi-tiered financing facility designed to offer faster access to trade financing for small and medium-sized businesses in China. The blockchain platform, Rong-E Lian, will be assimilated with DBS' digital onboarding service which necessitates facial biometric authentication to allow access to the platform. The first successful transaction on the Rong-E Lian platform was completed in August, 2019.