After the rollout of Trusple, which is AntChain’s global trade and financial services platform, DBS (SGX:D05) has confirmed that it’s the first major Asian banking institution to finalize a trade financing transaction via the platform. The digital transaction was valued at more than $40,000.
The latest transaction from DBS was carried out on behalf of iQuartz, a Singapore-based company that manufactures and distributes quartz stones to its local and US clients in the building materials sector.
DBS’s management stated that with Trusple, iQuartz’s trade order was successfully registered on the blockchain or distributed ledger technology (DLT) network. Recording all transactions on DLT-based platforms may improve transparency of operations and also allow iQuartz to maintain better oversight of supply chain processes.
After the trade commitment has been confirmed and finalized digitally, DBS will also take care of the payment made to iQuartz’s supplier (handled automatically through the platform).
Small and medium-sized businesses are also able to apply for bank payment guarantees and purchase invoice financing via Trusple.
Joyce Tee, Group Head of SME Banking, DBS stated:
“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, remarked:
“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.”