By now, blockchain has becones a industry disruptor, more and more financial institutions shows their interest in this latest technology. DBS Bank (China) Ltd. signed a strategic cooperation framework agreement with Wanxiang Blockchain Inc. in Shanghai on the 5^th of February. Since then, DBS Bank becomes the first foreign bank to have strategic cooperation with Wanxiang Blockchain. Both of them would jointly promote the application of blockchain technology in the financial industry.

Wanxiang blockchain signed the cooperation agreement is aiming to leverage its advantages in blockchain technology along with DBS Bank’s rich experience in supply chain to collaborate in areas including blockchain technology, supply chain financing, risk management, product innovation and other aspects of exploration and innovative cooperation.

In particular, DBS Bank is willing to explore more financial application of blockchain technology and its going to join hands with Wanxiang Blockchain to build a supply chain service platform based on blockchain technology.

This supply chain platform is based on blockchain technology, particularly focuses on the automotive supply chain. It can provide solutions in accounts receivable financing serves. By using this platform, enterprise users can record contracts, invoices, logistics and other information of suppliers based on blockchain technology. Thus the authenticity and validity of the information can be ensured.

In addition, this platform can also identify new clients further down in the supply chain.

Neil Ge, the Chief Executive Officer of DBS Bank (China), stated that: “DBS Bank is committed to financial innovation as well as building and participating in various ecospheres. Our strategic alliance with Wanxiang Blockchain may also benefits the development of the DBS Ecosphere.”

“As DBS is accelerating the digitalization process and has become one of the leading international banks in Fintech area. DBS Bank has received worldwide recognition for its digital agenda and became the first bank to be named the World’s Best Digital Bank at the prestigious Euromoney Awards for Excellence in 2016.”

“The Strategic alliance with Wanxiang in the blockchain is a key step for DBS to apply the latest financial technology to improve our banking services. We believe that we can bring faster, smarter and more convenient financial services based on various financial scenarios through the cooperation with Wanxiang Blockchain.”