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

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.