Ant Group has launched a cross-border trading blockchain platform as it prepares for what could be the largest stock market flotation of all time.
- Ant said Friday its new trade platform, called "Trusple," will make it easier for small and medium-sized enterprises (SMEs) to sell their wares to clients overseas.
- Built on AntChain, Trusple automates key aspects of the payments process, such as order placement and tax liabilities.
- This makes cross-border trades feasible for entities that would otherwise struggle had they used legacy systems, according to the firm.
- Ant has partnered with the likes of Standard Chartered, Deutsche Bank and BNP Paribas to help "optimize" the process.
- The news comes as Ant continues to stoke up investor enthusiasm for its upcoming dual initial public offering (IPO) next month in Hong Kong and China's tech-focused STAR Market.
- The company, a sister to Alibaba Group, is looking to raise a record $35 billion, surpassing the $29.4 billion Saudi Aramco raised last December.
- Ant – last valued at $200 billion – is best known as the operator of Alipay, one of the two primary payment apps used China.
- But the firm has an increasing presence in the cryptocurrency space: Chinese shipping giant Cosco has trialed AntChain to speed up the documentation process and Ant is believed to be one of the primary issuing partners for the upcoming digital yuan.