Although many enterprises have been launching the supply-chain finance (SCF) to help firms solve financing problems and increase collaborative performance, the formation process remains limited. The “digital business ecosystem (DBE)” is a sound guiding theory that we adopt to study the process of SCF networks formation, while SCF offers a suitable phenomenon to research how to integrate the business ecosystems and digital platforms to shape DBE and its logic of value. Guided by this lens, we conduct an in-depth case study of a super-large infrastructure enterprise in China. This study reveals a process model which consists of focal IT/IS enablers, dominant types of ecosystems, and forms of ecosystems. Our findings contribute to existing body of literature, in the field of SCF and DBEs. Core firms of ecosystems can use the model to design and develop DBEs to co-create value in SCF with rational deliberation and planning.