Today DBS Bank announced it executed its first trade finance transaction on the Trusple blockchain for Singapore SME iQuartz. The transaction for around $40,000 was for artificial construction stone materials known as ‘quartz stone’.
Trusple uses Ant Group’s AntChain to register the purchase order on the blockchain enabling transparency. Once it’s acknowledged, the supplier can raise finance for a bank payment guarantee or invoice financing. Banks are keen on this because they have greater confidence that the transaction is genuine.
Apart from the usual trade finance advantages of guaranteed payment to the supplier, the solution radically reduces friction for the supplier. DBS is now live for the Singapore – China trade corridor.
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