China’s Ant Group launches blockchain trade finance platform
By Edil Corneille
Today, China’s Ant Group, the parent company of the digital payment platform Alipay, unveiled Trusple, an international trade and financial service platform powered by AntChain. The platform aims to make it easier and less costly for participants, especially Small-to-Medium Enterprises (SMEs), to sell their products and services to customers around the globe.
Trusple works by generating a smart contract once a buyer and a seller upload a trading order on the platform. As the order is executed, the smart contract is automatically updated with information such as order placements, logistics, and tax refund options. Using AntChain, the buyer’s and seller’s banks will automatically process the payment settlements through the smart contract. Successful transactions on Trusple enable SMEs to build their creditworthiness on AntChain, making it easier for them to obtain financing services from financial institutions.
“Trusple was designed to solve problems for SMEs and financial institutions involved in cross-border trading,” Guofei Jiang, President of Advanced Technology Business Group, Ant Group apprised. “Just like when Alipay was introduced in 2004 as the online escrow payment solution to build trust between buyers and sellers, with the launch of AntChain-powered Trusple, we look forward to making cross-border trading safer, more reliable, and more efficient for buyers and sellers, as well as for the financial institutions that serve them.”
Trusple leverages AntChain’s key technologies, including AI, Internet of Things (IoT), and secure computation, to build trust among multiple parties and tackle the challenges of global trade. To help optimise cross-border processes, Trusple has partnered with various international financial institutions, including BNP Paribas, Citibank, DBS Bank, Deutsche Bank and Standard Chartered Bank.
Trusple was launched at the Blockchain Industry Summit of the INCLUSION FinTech Conference organised by Ant Group and Alipay.
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage