Chinese fintech giant Ant Group has unveiled Trusple, a blockchain-powered global trade and financial services platform.
Ant says the platform will make it easier and cheaper for firms, especially SMEs, to sell their wares around the world while also reducing costs for financial institutions.
Trusple – a contraction of ‘trust made simple’ – 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 the firm’s AntChain blockchain technology, the buyer’s and seller’s banks automatically process the payment settlements through the smart contract.
Ant has lined up several global banks, including BNP Paribas, Citi, DBS, Deutsche Bank and Standard Chartered, as partners for the platform.