The move advances the firm’s plans to open a digital bank in Singapore in early 2022. Linklogis, a key provider of supply chain finance technology in China with growing operations in Southeast Asia, has established a branch office in Singapore, the company said on Thursday in a statement.
The company said it is looking forward to working with Singaporean companies to streamline supply chain finance and intends to leverage innovative technology to address the funding gap for SMEs.
Singapore is a strategic jurisdiction for international trade and a place where we have already created important joint ventures, Charles Song, founder, chairman, and CEO of Linklogis, said.
Linklogis was awarded a digital banking license by the Monetary Authority of Singapore (MAS) in December 2020, and is currently in the process of establishing a new Singapore-based entity, Olea, its trade finance joint venture with Standard Chartered.
In April 2021, the company raised HK$8.967 billion ($1.153 billion) in a Hong Kong initial public offering, from investors including BlackRock, EDBI – the investment arm of Singapore’s Economic Development Board – and Fidelity.