DBS Bank partners with AntChain on the Ant Group’s blockchain platform
By Edil Corneille
Singapore-based DBS Bank announced that it is the first Asian bank partner on AntChain’s newly-launched blockchain trade platform, Trusple, which aims to democratise access to digital trade services to corporates of all sizes. Developed using AntChain’s blockchain technology, Trusple will leverage the digital financing capabilities of DBS and four other member banks, namely BNP Paribas, Citibank, Deutsche Bank and Standard Chartered, to provide an integrated platform for distributors and suppliers to trade their products and access trade financing digitally in real-time.
The one-stop trade platform aims to facilitate greater acceptance and adoption of digital trade processes among corporates, especially small-to-medium sized enterprises (SMEs) which face many pain-points when it comes to international cross border trade.
Tan Su Shan, Group Head of Institutional Banking, DBS Bank said, “DBS is excited to be the first Asian bank to partner with AntChain. This partnership speaks to our accelerated deployment of market-leading digital and data-based financing capabilities to ensure steady financing to SMEs. Our collaboration with Ant will enable the use of data to provide greater transparency into complex, fast-moving supply chains. We can then leverage this data to deliver quicker and more cost-efficient financing to counterparties on the Trusple platform.”
Guofei Jiang, Ant Group Vice President and President of the Intelligent Technology Business Group said, “At AntChain, we aim to build transparency and strengthen trust in trade ecosystems that involve large numbers of participants and complex processes. We have therefore been accelerating blockchain-enabled industry transformations, working with our partners to make blockchain technology more accessible for users, as well as creating tangible value for SMEs, consumers and clients across a spectrum of industries. We remain committed to the mission of Ant Group to make it easy for companies to do business anywhere across the world…”
Trusple offers businesses of all stages of the digital transformation cycle with its easy-to-navigate interface, immutable data qualities and seamless one-stop access for all trade and financing needs. When a digital trade order is generated by a buyer or seller on the platform, it will be automatically recorded on the blockchain.
As an added safeguard, DBS, along with other member banks, will also offer payment guarantees for all goods traded on the platform. Member banks can also harness insights from the transactional data between buyers and suppliers to determine the credit quality of the business and offer competitively-priced trade loans through the platform.
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September 30, 2022