As reported by Business Wire, Ant Group, the parent company of Chinese Alibaba Group has launched today an international finance trade platform known as “Trusple”. This global finance trade platform has been developed using the blockchain technology of Ant Group’s blockchain-based platform AntChain. Trusple has been developed based on the idea of “Trust Made Simple”.
Trusple aims to support SMEs
This newly introduced cross-border financial services and trade platform aims at supporting Small-to-Medium-sized Enterprises (SMEs). Trusple will make it possible for SMEs to sell their services and products to worldwide clients in an easy way. The platform is less costly as well for all of its participants.
The President of Advanced Technology Business Group, Ant Group Guofei Jiang says that this platform has actually been designed for solving the problems of financial institutions as well as SMEs that they face in cross-border trading. Guofei Jiang furthermore stated in detail:
“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.”
Trusple partners with various financial institutions
Trusple has joined forces with various leading financial banking institutions for the optimization of cross-border processes. These institutions include DBS Bank, Standard Chartered Bank, BNP Paribas, Deutsche Bank, and Citibank.
The Singaporean multinational financial services company DBS Bank is the first Asian banking firm to become a partner of Trusple. The Group Head of Institutional Banking at DBS Bank said that they are very pleased to be a partner of AntChain’s new trade finance platform and that:
“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.”