UK-based banking and financial services firm Standard Chartered has completed the first cross border live transaction on blockchain enabled trading platform Trusple.
Trusple is a digital international trade and financial service platform launched by AntChain, the blockchain-based technology solution of Ant Group, an affiliate of the Alibaba Group.
Standard Chartered is the first international banking partner for the trading platform in the Asia region, along with the only advising bank to complete a transaction on the platform, before its launch.
Standard Chartered to provide improved access to trade finance with Trusple integration
Standard Chartered is now enabled to provide buyers and sellers, who typically include small and medium-sized enterprises (SMEs), with improved access to trade finance, as its financial services are integrated with Trusple.
The use of blockchain is expected to enhance the transparency and traceability for all transactions across the supply chain, reduces the risk of fraud and provides enhanced assurance, which increases trust among the trade participants, said the bank.
The capability of tracking and tracing every transaction would specifically create a ‘chain credit’ for the sellers, where financial institutions can use the data to measure a seller’s credit worthiness.
Also, the automation of all trade processes along with easy connectivity to the bank’s Straight2Bank digital banking platform, is expected to create a closed loop ecosystem, enabling faster turnaround times and enhanced cost effectiveness for businesses.
Standard Chartered business banking and corporate partnerships global head Neil Daswani said: “We are delighted to further our relationship with Ant Group, who share our vision and commitment to drive global trade through the co-creation of disruptive, innovative digital offerings.
“SMEs around the world contribute up to 40 per cent of GDP in emerging economies and are important contributors to job creation.
“By integrating our leading financial capabilities into the Trusple network, we have a real opportunity to facilitate these businesses’ participation in the growing intra-Asia trade ecosystem and support the development of sustainable supply chains in the region.”
