DBS joins Ant's Blockchain Trade Platform
DBS Bank has reportedly signed onto Ant Group’s newly-launched blockchain trade platform, called Trusple.
Trusple is an international trade and financial service platform powered by AntChain, Ant Group blockchain-based technology solutions, the firm said in a press release.
Trusple aims to make it easier and less costly for all participants – especially Small-to-Medium Enterprises (SMEs) – to sell their products and services to customers around the world. It also reduces costs for financial institutions so they can better serve SMEs in need, the company reported.
Based on the concept of ‘Trust Made Simple,’ 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 key 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. This automated process not only mitigates the intensive and time-consuming processes that banks traditionally conduct to track and verify trading orders, but also ensures information is tamper-proof. Further, successful transactions on Trusple enable SMEs to build their creditworthiness on AntChain, making it easier for them to obtain financing services from financial institutions.
Guofei Jiang, President of Advanced Technology Business Group, Ant Group, said: “Trusple was designed to solve problems for SMEs and financial institutions involved in cross-border trading. 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.”
To help optimise cross-border processes, Trusple has reportedly partnered with various leading 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, which conference aims to foster a global discussion on how digital technology can help build a more inclusive, green, and sustainable world.
According to a DBS press statement, DBS said that it was the first bank to partner on the platform, as reported in an article by The Business Times.
DBS, along with other member banks, will offer payment guarantees for all goods traded on the platform. The financing bank will automatically dispatch payment to the seller once the buyer digitally acknowledges the receipt of goods on Trusple.
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