back Back

DBS completes first trade transaction on AntChain’s blockchain platform

By Leandra Monteiro

March 18, 2021

Share

 

DBS bank, AntChain, iQuartz, digital, blockchain, trade financing platformFollowing 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Article

March 18, 2021

ECHO and Sapiens partner to empower insurers to achieve total electronic adoption

Read More
Next Article

March 18, 2021

MoneyNetint removes the financial barriers in Brazil with unique cross-border payments service

Read More

IBSi Prime News

Weekly

October 15, 2021

The Weekly Wrap: all you need to know by Friday COB

Read More
  • Daily insightful news analysis
  • Weekly snapshot of the industry deals, events & insights
  • Sectoral deep dives on the hottest FinTech trends
  • Exclusive interviews featuring c-level executives shaping the industry
  • Profiles of the most influential established and emerging companies in the sector
  • Weekly global FinTech use cases
  • Chart of the Week curated by the IBSi’s Research Team
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

August 11, 2021

Wahed migrates to WealthKernel’s APIs to support the UK app launch

Read More

August 10, 2021

Rapyd to power PromptPay Payments for Thailand’s Google Play users

Read More

August 10, 2021

Kroo raises £17.7 million in a Series A funding round

Read More

Related Reports

Pages

Bank-wide
Sales League Table Report 2021

£1,500 / year

Know More

Pages

Market Reports
US Financial Services Technology Report 2021

£1,500 / year

Know More

Pages

Retail Banking
The Future of Digital Banking Report 2021

£1,500 / year

Know More

Pages

Wealth Management
Wealth Management & Private Banking Systems Report 2021

£1,500 / year

Know More

Pages

Wholesale Banking
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More