Overseas institutions sign up for Trusple
Major overseas financial institutions became the first batch of partners for Ant Group's blockchain-backed cross-border trade and transaction platform Trusple at the Inclusion Fintech Conference.
Banks including BNP Paribas, Citi, DBS, Deutsche Bank and Standard Chartered have become technology and service partners for the international trade and financial services platform powered by AntChain although no details have been unveiled yet.
Transaction and payment to be made on the blockchain-based Trusple solution cannot be altered by any party involved and payment will also be automatically handled to avoid the prolonged payment procedures which are frequent in cross-border trade.
"We hope blockchain will become a more inclusive technology to be adopted by many more small and medium enterprises and they could become part of global trade with lower operation costs," said Geoff Jiang, vice president of Ant Group.
Also on Friday, Shanghai International Port Group signed a strategic partnership with AntChain to use blockchain to enhance efficiency and digital financial services.
Key logistics data points will be recorded on blockchain platforms to better support upstream and downstream collaboration.
The two parties will also jointly research and promote the construction of the consortium blockchain for port and shipping companies and industry players.
This would help the port realize interconnections with other port and shipping networks through blockchain technology, and jointly promote the construction of a smart port and shipping ecosystem.