Standard Chartered completes first live transaction on AntChain’s Trusple trading platform

Maria Nikolova

Standard Chartered is the first international banking partner for the trading platform in the Asia region.

Standard Chartered today announced the successful completion of the first cross border live transaction on Trusple, the newly launched digital international trade and financial service platform of 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 today.

By integrating its financial services with Trusple, Standard Chartered can offer buyers and sellers (typically SMEs) improved access to trade finance. The use of blockchain, which will be enabled in due course, also means enhanced transparency and traceability for all transactions across the entire supply chain, which reduces fraud risk and provides greater assurance, resulting in increased trust among all trade participants. 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 seamless connectivity to Standard Chartered’s Straight2Bank digital banking platform creates a closed loop ecosystem, leading to faster turnaround times and greater cost efficiencies for businesses.

As part of the initial scope in the partnership, the Bank has completed the first transaction on Trusple.

Standard Chartered continues to focus on working with leading industry partners to deliver its strategy of disrupting traditional trade through digitisation. The Bank is a founding member of Contour, a blockchain-based open industry platform focusing on digitising trade finance, and has recently completed the first cross-bank Letter of Credit transaction between Vietnam and Thailand over blockchain.

  • Read this next

    Retail FX

    Weekly Roundup: FX prop firms switch to cTrader, who moved $1.35B BTC?

    The foreign exchange and cryptocurrency markets are always active, and this past week was no exception. Stay ahead with a selection of essential stories and updates that matter most to market participants.

    Digital Assets

    Bitcoin breaks all records with a massive $1.347 billion transaction

    This transaction has surpassed previous records, setting a new benchmark for Bitcoin trades. Before this event, the largest Bitcoin transactions included a $1.1 billion trade in April 2020 involving 161,500 BTC, and other significant transactions ranging from $491 million to $1.033 billion throughout 2019 and 2020.

    Digital Assets

    Uniswap debuts Ethereum ‘uni.eth’ subdomains

    Decentralized exchange platform Uniswap has integrated Ethereum Name Service (ENS), allowing users to create human-readable domain names and cryptocurrency wallet addresses using .eth endings.

    Web3

    Magic Square Expands with TruePNL Acquisition

    Binance’s web3 app store, Magic Square, acquired token platform TruePNL in a cash deal this week for an undisclosed sum. The deal brings TruePNL’s infrastructure (excluding branding & token) under Magic Square’s wing. Initially seeking a partnership, Magic Square opted for a full acquisition.

    Crypto Insider

    The Future of Prediction Markets? Zeitgeist Launches Decentralized Court System

    Polkadot-powered prediction market protocol Zeitgeist has announced the launch of its latest innovation: a decentralized court system.

    Digital Assets

    Crypto exchange Kraken fires back at SEC lawsuit, claiming overreach

    Crypto exchange Kraken is pushing back against the U.S. Securities and Exchange Commission (SEC), seeking to toss out a lawsuit that accused the platform of operating without proper registration.

    Industry News

    Exness Named a Best Place to Work in 2024

     Global leader Exness, tops in retail trading volume, earns 2024 “Best Place to Work” award, cementing its employee-centric culture after three prior years of winning the Cyprus national title.

    Digital Assets

    Swan Bitcoin taps Bakkt for crypto offering in the US

    “We are thrilled to be taking this exciting step forward in our partnership with Swan. This is just the beginning of our collaboration, as we intend to explore further growth opportunities together in the future, including expansion into international markets.”

    Digital Assets

    Polkadot Awards Bifrost a 500,000 DOT Loan to Enhance Liquid Staking Adoption

    Bifrost, a leader in liquid staking solutions, has secured a 500,000 DOT loan from Polkadot’s treasury to expand the reach and utility of its vDOT product within the ecosystem.

    <