LinkLogis, one of the key providers of supply chain finance technology in China and growing operations in Southeast Asia has announced that it has opened a branch office in Singapore, according to media reports. This move cements the company’s plan to open a digital bank in Singapore in 2022.
The company also mentioned that it is looking forward to working with Singaporean companies to streamline supply chain finance and also plans to leverage innovative technology that will try solving the funding gap present in small and medium-sized enterprises (SMEs).
LinkLogis is also working towards establishing a new Singapore-based entity named Olea, which is in partnership with Standard Chartered. Olea is a fully-digitised trade finance origination and distribution platform that aims to bring together institutional investors that looks for opportunities in an alternative asset class with businesses requiring supply chain financing.
Charles Song, Founder, Chairman and CEO of Linklogis told the media, “Singapore is a strategic jurisdiction for international trade and a place where we have already created important joint ventures. The timing of our arrival in Singapore corresponds to the ramp-up of these joint ventures — namely, Olea with Standard Chartered, and the future digital bank in partnership with Greenland Group. Singapore is one of the region’s most important financial hubs. It provides the perfect setting to offer trade finance programs, with a regulatory environment that is straightforward and digital-friendly.”
Founded in 2016, the company received initial funding from Tencent. Since then, the company has rapidly cemented itself as a key provider of supply chain finance technology in China. Currently, it is planning to expand its operations in Southeast Asia, and then, all over the world.