First Asian Bank to Close Transaction on a Blockchain Trade Finance Platform
2 min read
Singapore-based bank DBS has just closed a trade financing transaction with a value exceeding $40,000 on Antchain’s international trade and financial services platform Trusple, making DBS the first bank from Asia to do so on the platform.
The transaction was closed in place of Singaporean quartz stone manufacturer and distributor iQuartz.
According to DBS, iQuartz’s trade order was registered on the Trusple blockchain in an instant which improves the transparency and enables iQuartz to have better surveillance on its supply chain.
DBS will facilitate payment to the supplier of iQuartz through the platform automatically after the trade commitment has been fulfilled and digitally acknowledged.
With Trusple, SMEs are able to apply for bank payment guarantees and buy invoice financing directly via the platform.
SME Banking’s Group Head, Joyce Tee said:
“SMEs are increasingly looking to tap on regional opportunities to access new markets and fortify their supply chains but are often daunted by complex trade processes.
By leveraging emerging technologies such as blockchain, DBS is lowering the barriers for SMEs to participate in Asia’s post-pandemic economic revival as cross-border trade activity in the region picks up.”
“With Trusple, our vision is to strengthen trust and transparency between buyers and suppliers, and to lower barriers for SMEs and financial institutions involved in cross-border trading. It is encouraging to witness iQuartz making its transaction on Trusple today and becoming the platform’s first SME customer in Singapore,” said Guofei Jiang, President of Ant Group’s Advanced Technology Business Group. “At Ant, we strive to make doing business easier and less costly for all participants, and we welcome more outstanding local financial institution partners such as DBS to join us, and together to help SMEs seize new opportunities in the regional economy through the innovative use of digital technology.”
Trusple was launched by Ant Group on September 25, 2021. Trusple focuses on easing the SMEs’ experience of selling their products and services to customers around the world.
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