This September 25th, Ant Group – most recognized as the parent company of the world-renowned Chinese payment platform Alipay – announces the launch of its latest global trading platform, Trusple. This new platform aims to give aid to small to medium-sized enterprises (SMEs) by streamlining cross-border trading operations. It is notably developed around the general concept: “Trust Made Simple,” thus, its name.
It is also worth noting that the Trusple platform is built within the newly released blockchain solution of Ant Group, aptly named the AntChain. Doing so rendered Trusple able to automate crucial payment operation aspects such as order placements and taxation. According to Ant Group, the new platform has the potential to elevate struggling SMEs to where they would now be able to conduct cross-border trading operations seamlessly.
Ant Group advertises this new platform as being able to solve most of the persistent problems surrounding cross-border trades. This includes the lack of trust driven by delayed payments and shipments as well as the supplementary fees associated with product authenticity checks.
The firm explained how the platform would work by stating that users – the buyer or seller – must first upload their trading orders in Trusple, creating a smart contract. As the user’s orders are being processed and delivered, they would promptly receive regular updates regarding its logistics and other relevant data. The buyer and seller’s bank would then settle the outstanding payment via the created smart contract within the AntChain network.