BBVA signs blockchain deal with Ant Group

BBVA has signed a deal with Ant Group to integrate its cross-border payment and financial services on the company’s blockchain platform.

Trusple, the Alibaba affiliate’s network, is based on blockchain technology which aims to accelerate digital transformation and facilitate the financing of international trade operations, with a special focus on small and medium-sized businesses.

The service will be offered by BBVA Mexico and BBVA Spain so that both Mexican and Spanish importers that currently import from China can pay for the operations on the platform without having to use external services.

“Trusple is designed to resolve the problems that SMEs and financial institutions face when in cross-border trade,” said Alejandro Cárdenas Bortoni, head of commercial banking at BBVA México. “BBVA’s previous research on blockchain technology will allow us to incorporate new services in this platform fairly easily.”

Trusple, which was launched in September last year, uses ‘smart contracts’ which automatically execute the transactions when the milestones established in the contract by the importer and exporter are reached.

“We hope that by next year, we can help any Spanish or Mexican SME that already makes purchases from Chinese suppliers through this portal with a much simpler, easier and more transparent system,” said Pablo Lopez Tallada, the head of international solutions on BBVA Spain.

BBVA estimates that the first piloting systems will be launched in early 2022 and the services will be operational for its clients in Spain and Mexico throughout the year.

BBVA said that the agreement makes BBVA the first bank in Spain and Mexico to join the international trade platform, which is servicing over 10 major financial institutions across the world.

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