BBVA, Trusple to offer payment and financing services

Tuesday 10 August 2021 11:21 CET | News

BBVA and Ant Group (Alibaba affiliate) have signed an agreement to collaborate on the integration of financial services in their platform, Trusple

Based on blockchain technology, Trusple is aimed to accelerate the digital transformation and facilitate the financing of international trade operations, with a special focus on small and mid-sized businesses. The agreement signed with BBVA will allow the bank to integrate cross-border payment and financing services in Trusple, enjoying all the benefits from blockchain technology in terms of transparency and security.

These services will be offered by BBVA Mexico and BBVA Spain so that Mexican and Spanish importers that currently import from China can pay for the operations within Trusple, without having to use external services. The system uses ‘smart contracts’, which automatically execute the transactions when the milestones established in the contract by the importer and exporter are reached.

BBVA estimates that the first piloting systems will be launched in early 2022 and the services will be operational for its clients in Spain and Mexico throughout the year. 

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Keywords: partnership, BBVA, Alibaba, blockchain, trade finance
Categories: Banking & Fintech
Countries: Mexico, Spain, World
This article is part of category

Banking & Fintech