Financial giant Ant Group announced on Friday the launch of Trusple, an international trade and financial service platform powered by AntChain, the company’s blockchain-based technology solutions. According to Ant Group, Trusple aims to make it easier and less costly for all participants 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.
“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.”
Ant Group further explained that by using AntChain, the buyer’s and seller’s banks will automatically process the payment settlements through the smart contract. Speaking about the launch, Guofei Jiang, President of Advanced Technology Business Group, Ant Group, stated 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.”
Ant Group then added that in order to help optimize cross-border processes, Trusple has partnered with various leading international financial institutions, including BNP Paribas, Citibank, DBS Bank, Deutsche Bank and Standard Chartered Bank.