Chinese fintech giant Ant Group has unveiled a new blockchain-driven platform that facilitates cross-border transactions as well as financing by participating enterprises.
On 25 September Ant Group launched the Trusple platform at the 2020 Inclusion Fintech Conference (外滩大会论坛) in Shanghai, which it bills as a “completely new international trade and financial services platform that has blockchain technology as its basis.”
According to Ant Group the Trusple (a contraction of the term “Trust Made Simple”) platform uses Ant’s blockchain technology to facilitate the use of smart contracts by cooperating banks at all stages of cross-border transactions.
These cooperating banks currently include BNP Paribas, Citibank, DBS Bank, Deutsche Bank and Standard Chartered.
The Trusple platform automatically places orders between buyers and sellers on-chain once they are entered.
Banks then automatically perform payment in accordance with the payment conditions stipulated by the order, avoiding the traditional model of sellers needing to monitor the offline account transfers of buyers, while also preventing customers from wilfully drawing out payments times.
Ant Group vice-president Jiang Guofei (蒋国飞) said that each successful transaction by buyers and sellers on the Trusple platform enabled them to accumulate “on-chain credit.” When enterprises are subsequently in need of financing they can use the Trusple platform for verification purposes to prove the veracity of transactions.