DBS completes first trade transaction on AntChain’s blockchain platform

By Leandra Monteiro

Following the official launch of Trusple, AntChain’s international trade and financial services platform, DBS announced that it is the first Asian bank to successfully close a trade financing transaction on the platform. The transaction was valued at over US$40,000. The latest transaction was closed on behalf of iQuartz, a Singapore SME that manufactures, fabricates, and distributes quartz stones to its USA and Singapore customers in the building materials market.

“SMEs are increasingly looking to tap on regional opportunities to access new markets and fortify their supply chains but are often daunted by complex trade processes. By leveraging emerging technologies such as blockchain, DBS is lowering the barriers for SMEs to participate in Asia’s post-pandemic economic revival as cross-border trade activity in the region picks up Joyce Tee, Group Head of SME Banking, DBS said according to media reports.

Tee added, “With Trusple, our vision is to strengthen trust and transparency between buyers and suppliers, and to lower barriers for SMEs and financial institutions involved in cross-border trading. It is encouraging to witness iQuartz making its transaction on Trusple today and becoming the platform’s first SME customer in Singapore. At Ant, we strive to make doing business easier and less costly for all participants, and we welcome more outstanding local financial institution partners such as DBS to join us, and together to help SMEs seize new opportunities in the regional economy through the innovative use of digital technology.”

According to media reports, Guofei Jiang, President of Advanced Technology Business Group, Ant Group stated, “With Trusple, our vision is to strengthen trust and transparency between buyers and suppliers, and to lower barriers for SMEs and financial institutions involved in cross-border trading. It is encouraging to witness iQuartz making its transaction on Trusple today and becoming the platform’s first SME customer in Singapore. At Ant, we strive to make doing business easier and less costly for all participants, and we welcome more outstanding local financial institution partners such as DBS to join us, and together to help SMEs seize new opportunities in the regional economy through the innovative use of digital technology.”

Alongside DBS, Ant Group claims to have lined up several global banks, including Citi, Deutsche Bank and Standard Chartered as future partners for the platform.