Ant Group launched a cross-border trading platform on the Trusple blockchain in preparation for one of the largest IPOs in the stock market.
Ant Group said the new Trusple blockchain trading platform will make it easier for SMEs to sell their wares to overseas customers. Trusple, powered by AntChain, automates key aspects of the payment process, such as order placement and tax liability.
This makes cross-border trade possible for businesses that would have encountered difficulties using traditional systems, Ant Group says. Ant Group has partnered with Standard Chartered, Deutsche Bank and BNP Paribas to “streamline” this process.
Ant Group continues to fuel investor enthusiasm for its upcoming double initial public offering (IPO) in Hong Kong and China’s STAR market next month. Ant Group, which includes Ant Financial and Alipay, a subsidiary of Alibaba Group, expects to raise $ 35 billion.
Recall that in July, one of the world’s largest container operators and cargo carriers, Cosco Shipping, announced that it would test the Ant Financial corporate blockchain to improve the efficiency of operations. In addition, in the spring, Ant Financial launched an enterprise blockchain platform OpenChain, which will help small and medium-sized businesses implement applications on the blockchain.