- DBS Bank and AntChain will offer a new data-powered service to firms of all sizes – including small and medium-sized companies – with the aim of improving supply chain processes.
- The service, which is known as Trusple and is blockchain-powered, will also offer financing options to corporate customers making cross-border trade transactions.
- DBS Bank is the first Asian partner to work alongside AntChain in this regard, with other banks such as BNP Paribas and Standard Chartered represented on the list.
A bank in Asia has announced that it will work with the Alibaba payments subsidiary AntChain to offer a new digital trade service to companies.
DBS Bank, which is based in Singapore, said that it was the inaugural Asia-based financial services collaborator for AntChain’s blockchain-powered trading service, which is known as Trusple.
Trusple works alongside five banks across the globe, including DBS, to offer firms at various levels across supply chains an integrated platform to sell their wares.
The service also provides financing options that are designed to improve international money transfers made during the trading process.
It is understood that while firms of all sizes can participate in the process, some firms – such as small and medium-sized businesses – will benefit in particular.
The other banks in the collaboration include Citibank and BNP Paribas.
Standard Chartered and Deutsche Bank are also represented on the list.
In a statement, Tan Su Shan, who serves as the group head of institutional banking at DBS Bank, outlined more information about the partnership.
He said that DBS Bank was “excited” about the prospect of working alongside AntChain – and said that DBS was a natural choice given its current market position.
“DBS is excited to be the first Asian bank to partner with AntChain,” he said.
“This partnership speaks to our accelerated deployment of market-leading digital and data-based financing capabilities to ensure steady financing to SMEs,” he added.
He went on to say that the new service would also rely in part on the usage of data – which would, in turn, increase levels of transparency.
“Our collaboration with Ant will enable the use of data to provide greater transparency into complex, fast-moving supply chains,” he said.
From there, the firms would be able to provide cost benefits and improve the speed of the transaction.
“We can then leverage this data to deliver quicker and more cost-efficient financing to counterparties on the Trusple platform,” he added.
According to materials published by DBS Bank and sent to press outlets, it is the case that nearly every business claims that it is being pushed by outside forces to undergo a process of digital change.
This, it claims, is down in part to changing supply chains – a pain point that the firms hope to address with their new collaborative offer.
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