Ant Group, a leading provider in the development of open platforms for technology-driven inclusive financial services, and the parent company of China’s largest digital payment platform Alipay, unveiled Trusple, an international trade and financial service platform powered by AntChain, the company’s blockchain-based technology solutions. 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 they can better serve SMEs in need.
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“Trusple was designed to solve problems for SMEs and financial institutions involved in cross-border trading”
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 information is tamper-proof. Further, successful transactions on Trusple enable 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.”
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