River Chain, an enterprise and permissioned blockchain platform, has been honoured with a prestigious Gold Award at the Hong Kong ICT Awards 2023.
Organised by the Hong Kong SAR government, the HKICT Awards recognised River Chain for its application of blockchain technology to enhance speed and traceability, offering deep-tier, green finance solutions in an otherwise opaque construction supply chain market. The winner of the FinTech Awards (Applied Solutions) category, River Chain grants suppliers and subcontractors access to immediate cash flow — with over 400 companies in construction, banking, and related sectors on the platform as of September 2023.
Eyeing and Addressing Pain Points in the HK$400B Construction Supply Chain Market
Seamlessly connecting construction subcontractors and suppliers with liquidity providers such as banks, River Chain collects data from users to create a “single source of truth” with full traceability. Financial institutions gain instant access to a transparent and comprehensive set of records of participating subcontractors and suppliers, significantly expediting the traditionally laborious tender process.
This enables deep-tier financing in the supply chain, boosting financial inclusion and unlocking lower lending rates for upstream suppliers such as small and medium-sized enterprises (SMEs) that until recently, have often been forced to take on mortgages at unfavourable rates.
Ben Wong, General Manager - Technology Innovation, New World Development, said, “We are thrilled to receive the Gold Award in FinTech Awards (Applied Solutions) category at the HKICT Awards 2023. This recognition further validates the transformative impact River Chain and New World Development are making in PropTech and the construction supply chain market.”
River Chain is dedicated to championing financial inclusion and innovation, empowering SMEs to thrive in a competitive landscape. River Chain also organises community activities to allow users to keep up to date with industry news, expand their network and obtain insights from industry experts.
River Chain is an innovative platform supported by New World Development. With operations primarily in the Greater Bay Area, it offers a digital-first supply chain financing solution designed specifically for the construction industry. Its marketplace leverages blockchain technology and connects suppliers and subcontractors to liquidity providers, offering a range of pre- and post-shipment financial products to enhance financial accessibility. The platform also ensures transparency, traceability, and uniformity across the sector.
We invite you to stay in touch as we embark on an exciting journey to innovate, digitise and reimagine the construction industry, paving the way to a new frontier of PropTech. More updates coming soon!