Spanish bank BBVA has announced plans to use Ant Group’s blockchain trade finance platform Trusple in Mexico and Spain.
The platform uses the firm’s proprietary blockchain AntChain and targets SMEs and banks to finance international trade transactions. When Ant first unveiled the platform in September 2020, it had already signed up BNP Paribas, Citi, DBS Bank, Deutsche Bank, and Standard Chartered, according to Ledger Insights.
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 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, the online publication adds.
BBVA will pilot the platform in early 2022, hoping to go live later in the year.