SHANGHAI and NEW YORK, May 31, 2018 /PRNewswire/ -- Dianrong, a leader in online marketplace lending in China, and R3, a global enterprise software firm, today announced that Dianrong's next version of its supply chain finance solution will be made available on Corda, R3's blockchain platform for finance and business.
Dianrong has been a pioneer in leveraging fintech and blockchain to improve supply chain finance for small businesses. The new Corda app ("CorDapp") will further expand Dianrong's reach both in China and globally by leveraging R3's proven enterprise-grade blockchain technology platform.
Dianrong's advanced blockchain solution enables end-to-end financing through an entire supply chain. The new R3 CorDapp will deliver an efficient and secure access point, while ensuring transparency and enhancing trust among the counterparties. Dianrong and R3 are now working to integrate Dianrong's established supply chain finance solution onto Corda.
Soul Htite, Executive Chairman Dianrong, said: "Today, only 15 percent of micro and small businesses have adequate access to credit. This funding gap is particularly evident in large, complex supply chains where small business owners struggle to get the basic financing they need to operate. As a company committed to serving small businesses in China and around the globe, Dianrong believes the power of fintech and blockchain processes are the key to bridging this funding gap, while also building greater transparency and trust across global supply chain finance processes.
"Dianrong has made the strategic decision to further expand our supply chain finance network to make it easier for partners worldwide to adopt our solution. R3's proven Corda platform will help provide the scalability, customization and global reach supply chain finance demands. And through a CorDapp, we can make this solution even more accessible and easier to use for supply chains in China and around the world," Mr. Htite said.
David E. Rutter, CEO of R3, comments: "Blockchain's unique ability to record, track and verify trades has direct applicability to financing smaller suppliers and managing goods throughout a supply chain. Lack of traceability and transparency is a major challenge for supply chains and parts of the logistics industry today.
"The CorDapp we are working on with Dianrong will be a powerful new tool to help address those challenges. It will provide greater access to Dianrong's solution and help deliver a permanent, immutable record of each smaller supplier within a network, which will allow supply chain operators to make more informed and timely decisions about funding them. This strengthens the overall efficiency and transparency of the entire supply chain," said Mr. Rutter.
Dianrong is a leader in online marketplace lending in China. Founded in 2012 and headquartered in Shanghai, Dianrong offers small businesses and individuals a comprehensive, one-stop financial platform supported by industry-leading technology, compliance and transparency. The company's sophisticated and flexible infrastructure enables it to design and customize lending and borrowing products and services, based on industry-specific data and insights, all supported by online risk-management and operation tools. Dianrong's specific offerings include marketplace lending-related services and fintech solutions. Dianrong was named in 2016 to the executive directorship of the National Internet Finance Association of China, led by the People's Bank of China. For more information, please visit: www.dianrong.com/en.
R3 is an enterprise software firm working with a network of over 200 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop on Corda, its blockchain platform designed specifically for businesses. R3's global team of over 180 professionals in eleven countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of USD 107 million from over 40 firms.
Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. It records, manages and executes institutions' financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. Corda is the world's only blockchain platform designed from the ground up for businesses operating in complex and highly-regulated markets. It offers access to a vibrant network of interoperable blockchain applications for finance and commerce. Learn more at www.r3.com.