Standard Chartered has successfully completed a 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). The Bank is the first international banking partner for the trading platform in the Asia region, as well as the only advising bank to have facilitated a transaction on the platform prior to its launch, according to the official press release.
By integrating its financial services with Trusple, Standard Chartered can offer buyers and sellers – who are typically small and medium-sized enterprises (SMEs) –access to trade finance. The use of blockchain means enhanced transparency and traceability for all transactions across the entire supply chain.
Specific to the sellers, the ability to track and trace every successful transaction creates a ‘chain credit’, from which financial institutions can make use of this data to determine a seller’s credit worthiness when meeting its financing needs. In addition, the automation of all trade processes combined with connectivity to Standard Chartered’s Straight2Bank digital banking platform creates a closed loop ecosystem.
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