Digital Trust and Asset Penetration: The Logical Metamorphosis of FinTech-Driven Supply Chain Finance for Manufacturing SMEs in Qingyuan

Qingyuan City is at a critical juncture of consolidating its "Manufacturing as Priority" foundation and deeply integrating into the Guangdong-Hong Kong-Macao Greater Bay Area; solving the financing difficulties for SMEs in its industrial chains is a core issue. Traditional supply chain finance models, constrained by their reliance on "entity credit," suffer from fundamental flaws such as tiered credit decay, information asymmetry, and the failure of movable asset supervision, rendering them unable to effectively serve manufacturing SMEs at the end of the chain. The rise of FinTech, particularly the fusion of blockchain, IoT, and big data, is triggering a profound "logical metamorphosis" rather than simple technical optimization. This paper adopts theoretical analysis and logical deduction to focus on how FinTech fundamentally reconstructs the credit paradigm of supply chain finance. The study posits that the core of this metamorphosis manifests in two major shifts: first, a shift from "entity trust" to "digital trust," where blockchain technology, through its immutability and multi-party consensus, transforms the "personalized credit" of core enterprises into "technological credit vouchers" that can circulate throughout the chain, achieving trust penetration. Second, a shift from "asset black box" to "asset penetration," where IoT technology, through real-time, objective data mapping, transforms traditionally "untrustworthy and uncontrollable" movable assets (inventory, work-in-progress) into "penetrable and verifiable" digital assets, resetting the anchor for risk pricing. Upon this dual foundation of "digital trust" and "asset penetration," big data and AI can then construct a dynamic "risk trust" model. Finally, this paper explores the implementation paths for this logical metamorphosis within Qingyuan's manufacturing context, aiming to provide forward-looking theoretical support and policy insights for building a new industrial finance ecosystem in Qingyuan.