Ant Group, a leading provider of transparent systems for technology-driven, decentralized financial services, and parent company of China’s largest digital payment network, Alipay, today introduced Trusple, an international trading and financial services application operated by AntChain, the company’s blockchain-based technology solutions.
Focused on the principle of ‘Trust made simple,’ Trusple operates by establishing a smart contract until the purchaser and the seller submit a trading order to the network. Using AntChain, the banks of the buyer and seller can instantly process payment settlements via a smart contract. Furthermore, efficient transactions on Trusple allow SMEs to develop their creditworthiness on AntChain, making it easier for them to access financial services from financial institutions.
“Trusple has been developed to solve problems for SMEs and financial companies engaged in cross-border trading,” said Guofei Jiang, Founder of the Advanced Technology Market Company, Ant Company. “Just as when Alipay was launched in 2004 as an online payment mechanism to create trust between buyers and sellers, with the introduction of AntChain-powered Trusple, we look forward to making cross-border trade simpler, more secure and more effective both for buyers and sellers and for the financial institutions that support them.”
The lack of confidence between global trade partners has historically made it difficult for many small and medium-sized businesses to do business. Banks that support global SME trading have also faced a longstanding challenge to check the validity of orders, which has raised banking costs.
To help improve cross-border operations, Trusple has collaborated with a variety of leading international financial institutions, including BNP Paribas, Citibank, DBS Bank, Deutsche Bank, and Standard Chartered Bank.
At the Blockchain Business Summit of the inclusion Fintech Conference, Trusple was launched. Organized by Ant Community and Alipay, the conference seeks to promote a global dialogue about how emerging technologies will help create a more multicultural, green, and prosperous society.
AntChain is the blockchain sector of Ant Group. After the start of Ant Group’s blockchain company in 2016, AntChain has pioneered the usage of AntChain in over 50 blockchain industrial technologies and projects, including supply chain financing, cross-border remittances, corporate contributions, and product provenience. By empowering companies to digitize their investments and purchases, we create confidence in multi-party alliances.