New World’s Hong Kong-First Blockchain Platform River Chain Simplifies Construction Supply Chain Financing One-stop Solution Wins Gold Award at Prestigious HKICT Awards 2023
New World Development Company Limited proudly announces that the New World-backed River Chain, an enterprise and permissioned blockchain platform, has been honoured with a prestigious Gold Award in FinTech Awards (Applied Solutions) category at the Hong Kong ICT Awards 2023. Organised by the Office of the Government Chief Information Officer, it recognises River Chain’s innovation in applying blockchain technology in its one-stop platform that enhances the efficiency of financing process, as well as traceability in the construction supply chain market. It significantly shortens the laborious document vetting process, allowing suppliers and subcontractors access to immediate cash flow, while also accelerating green finance development in construction industry.
Attracted over 400 Corporates to Join in Since Launched Last Year
River Chain was created in 2022. As of September 2023, over 400 companies in construction, banking and related sectors have already joined the platform. River Chain acts as a marketplace that seamlessly connects construction subcontractors and suppliers with liquidity providers, such as banks and money lenders. It collects data from users and leverages the power of blockchain technology to create a “single source of truth” with full traceability. It gives financial institutions instant access to a transparent and comprehensive set of records of participating subcontractors and suppliers. As a result, the platform significantly expedites the process for obtaining invoice financing, factoring, PO finance, and green financing.
Hong Kong’s Construction Supply Chain Market is Valued at Close to HK$400 Billion
According to New World’s estimation, Hong Kong’s construction supply chain market is valued at close to HK$400 billion but is hindered by the critical pain points of liquidity. River Chain consolidates the fragmented construction supply chain, facilitates easier access to financing options and unlocks lower lending rates for suppliers and subcontractors, especially the small and medium-sized enterprises (SMEs) that are heavily dependent on their day-to-day cash flows. With River Chain, SMEs are able to take on loans at more favourable rates to finance their orders, confronting the cash-flow bottleneck of their business development.
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 the area of FinTech and the construction supply chain market. We will strive to achieve more breakthroughs in PropTech, FinTech in the future to create innovation on construction, property development and more.”