DBS First Asian Bank To Transact on AntChain’s Blockchain-Based Trade Financing Platformby Fintech News Singapore March 15, 2021
Following the official launch of Trusple, AntChain’s international trade and financial services platform, DBS announced that it is the first Asian bank to successfully close a trade financing transaction on the platform, valued at over US$ 40,000.
The transaction was closed on behalf of iQuartz, a Singapore SME that manufactures, fabricates and distributes quartz stones to its USA and Singapore customers in the building materials market.
DBS said that with Trusple, iQuartz’s trade order was immediately registered on the blockchain, enhancing transparency and giving iQuartz greater oversight of its supply chain.
Once the trade commitment has been fulfilled and acknowledged digitally, DBS will also facilitate payment to iQuartz’s supplier automatically via the platform.
SMEs can also apply for bank payment guarantees and purchase invoice financing directly through Trusple.
Joyce Tee, Group Head of SME Banking, DBS 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.”
Guofei Jiang, President of Advanced Technology Business Group, Ant Group said,
“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.
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.”