Today Spanish bank BBVA said it would use Ant Group’s blockchain trade finance platform Trusple in Mexico and Spain. The solution targets SMEs and banks to finance international trade transactions. When Ant – which operates payments app AliPay – first unveiled the platform in September 2020, it had already signed up BNP Paribas, Citi, DBS Bank, Deutsche Bank, and Standard Chartered.
Since then, it has partnered with Japan’s Mizuho and MUFG, Thailand’s Krungsri, Singapore’s OCBC Bank and Emirates NBD. Accenture is also a partner.
When a Chinese supplier enters into a contract, the trade is recorded on the platform. Smart contracts can automatically update information, such as the delivery progress. Additionally, banks are integrating with the platform to provide trade finance, enabling automated bank payments using smart contracts. Initially, the banks will provide payment guarantees.
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