China's Ant Group launches cross-border trade platform to support SMEs
Trusple platform promises to apply blockchain, AI and IoT technology to streamline cross-border trading processes for SMEs. Ant Group, the parent company of Chinese payments giant Alipay, unveiled its new Antchain-based global trade platform for small to medium-sized enterprises, or SMEs on Sep. 25.Going by the moniker of Trusple, the platform is based around a concept of “Trust Made Simple”, and aims to streamline the process of cross-border trading. According to Guofei Jiang, President of Ant Group’s Advanced Technology Business Group: “Trusple was designed to solve problems for SMEs and....
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A group of seven large European banks has signed a memorandum of understanding (MoU) to develop a blockchain-powered cross-border trade finance platform for small and medium-sized companies in Europe. The participating banks are UK-based banking giant HSBC, Dutch institution Rabobank, French financial institutions Société Générale and Natixis, Italian banking group UniCredit and Belgium-based KBC. Aimed at bettering domestic and cross-border commerce cross-border commerce for companies in Europe, the newly form banking group will come together to develop, deploy and push for adoption of....
Standard Bank Group has become the first African node operator on the Hedera network. Standard Bank Group — Africa’s largest bank by assets — has partnered with enterprise-grade distributed ledger technology project Hedera Hashgraph.According to a joint announcement, the African banking giant now joins other major corporations like Google, LG, and IBM as a member of the Hedera Governing Council.Standard Bank will also become a Hedera node operator, the first in Africa with a focus on utilizing DLT to ease bottlenecks in cross-border trade on the continent.Across Africa, innovations in....
Efforts to apply blockchain in the supply chain took an interesting turn last week. I'm speaking, of course, about a piece of news that at first seemed pretty ordinary: a group of European banks announced they would band together to develop a blockchain-based trade finance solution. This one, though, is unusual. Rather than tackle large-scale global transactions that cross oceans, the project focuses on intra-European trade, and, more importantly, between small- and medium-sized enterprises (SMEs). Why is this interesting? It's not because SMEs make up the vast majority of the world's....
Martha Reyes, head of research for Bequant, says that tokenizing trade finance assets can facilitate access to capital for SMEs. Global trade and financing suffer from inefficiencies because of traditional infrastructures. However, according to Martha Reyes, the head of research at Bequant, crypto can fix this issue.In an interview with Cointelegraph, Reyes shared her thoughts on the state of global trade and financing and how crypto makes this more efficient. According to Reyes, despite the growth and magnitude of global trade, areas like remittance payments still suffer from the number....
Thailand’s Fintech sector has called for the government to introduce regulations and support homegrown industry startups in the face of an increasing trend of external operators moving into the Thai market. The Bank of Thailand, the country’s central bank, does not enforce any regulations for cross-border trade in the financial services sector, leaving external payment platforms to gain a presence in the country. An example sees Thailand’s fourth largest bank by assets, Kasikornbank, partner Chinese fintech firm IBS for baht-yuan cross-country settlements. An alternative to the traditional....