Ant Group has unveiled Trusple, a blockchain based-platform powered by AntChain to help SMEs with cross-border trade.

Trusple aims to make it easier and less costly for all participants, especially Small to Medium Enterprises (SMEs), to sell their products and services to customers around the world. It also reduces costs for financial institutions so that they can better serve SMEs in need.

Based on the concept of “Trust Made Simple,” 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.

Using AntChain, the buyer’s and seller’s banks will automatically process the payment settlements through the smart contract. This automated process not only mitigates the intensive and time-consuming processes that banks traditionally conduct to track and verify trading orders, but also ensures that the information is tamper-proof.

To help optimise cross-border processes, Trusple has partnered with various leading international financial institutions, including BNP Paribas, Citibank, DBS Bank, Deutsche Bank and Standard Chartered Bank.

Furthermore, successful transactions on Trusple enables SMEs to build their creditworthiness on AntChain, making it easier for them to obtain financing services from financial institutions.

“Trusple was designed to solve problems for SMEs and financial institutions involved in cross-border trading,”

said Guofei Jiang, President of Advanced Technology Business Group, Ant Group.

“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 was launched at the Blockchain Industry Summit of the INCLUSION Fintech Conference that was organised by Ant Group and Alipay.

Featured image credit: Business Wire