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SME supply chain financing solution on blockchain distributed ledger technology (DLT)

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Lending solutions leverage on emerging technologies to simplify the lending process and to increase the accessibility of lending services. Lending solution encompasses functions like credit scoring, AI deployment, alternative lending solutions and intuitive mobile solutions for lending.

This solution utilizes smart contracts to create a more efficient trade financing ecosystem. Leveraging on blockchain technology, buyers and sellers can create trust and an easily traced transaction trail. Payments and shipments are automatically triggered to transact once the other party fulfills certain criteria.

This solution is able to streamline processes and reduce the time taken for transactions to complete, saving time and cost for both buyers and sellers.

Find out more at www.ey.com/sg/fintechhub.
For enquiries, contact us via email at fintech@sg.ey.com.

Veröffentlicht in: Business
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SME supply chain financing solution on blockchain distributed ledger technology (DLT)

  1. 1. SME supply chain financing solution on blockchain distributed ledger technology (DLT) Case study Context: A local SME has been seeking innovative ways to revolutionize the trade finance industry. Recommended configuration: • This blockchain solution is ideal for SMEs that are facing trade financing challenges in the area of supply chains. • The key modules include creating a trusted transaction system and smart contract for transfer of value. • It aims to establish an immutable audit trail to keep accurate records of trade and finance interactions, traceable invoice milestones retrievable for data verification, and invoice status verification by partner lenders added as validating nodes to a distributed ledger network. • This will ultimately lead to creating trust in “trustless” supply chain networks. Client impact: • Created a new trust system within the trade finance ecosystem • Mitigated the risk of fraud or errors • Improved the corporate social responsibility (CSR) by improving cash flow and sustainability for SMEs’ suppliers • Provided easy tracking of transactions with the blockchain technology Contact us Varun Mittal EY Global Emerging Markets FinTech Leader varun.mittal@sg.ey.com Supply chain financing challenges faced by SMEs Double financing due to information asymmetry Difficult to validate transactions, providing an avenue for money laundering Trust and communication issues due to a lack of system integration Scalability issues since system integration is mostly centralized Low visibility as inputs are localized in companies’ internal databases Unnecessary and duplicate procedures Distributed ledger technology Leading-edge tech capabilities Cryptographically secured Smart contracts Hyperledger fabric Benefits of proposed solution Real-time information exchange 1 Streamlined workflows 2 Ensures data validity 3 Eliminates errors and risks 4 Blockchain solution for supply chains Seller and buyer create their own trust system by agreeing on the performance parameters under the smart contract: • Eliminates buyer’s concern on seller performance • (Eliminates seller’s concern on buyer repayment risk 1. Supplier creates “smart contract” 2. Buyer validates “smart contract” 3. V-value placed in escrow and smart contract updated 5. Performance completed; smart contract release V- value to supplier 4. Shipment tracked and delivered to buyer Website: www.ey.com/sg/fintechhub Email: fintech@sg.ey.com Sahil Gupta EY ASEAN FinTech Manager sahil.gupta@sg.ey.com
  2. 2. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2018 EYGM Limited. All Rights Reserved. EYG no. 011378-18Gbl ED None. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com