DBS Becomes First Asian Bank To Process Transactions Using Trusple Blockchain Solution
Singapore-based Bank, DBS announced today that it had processed its first financial transaction using the Trusple Blockchain. This makes DBS the first bank to use Trusple blockchain solution to perform a transaction.
$40,000 Transaction Processed via Trusple Blockchain
According to the report, DBS bank used the Trusple blockchain to conduct a transaction for artificial construction stone materials known as iQuartz. The transaction totaled $40,000 and was successful, according to the bank.
Trusple uses Ant Group’s AntChain to record purchase orders on the blockchain. Since the blockchain is immutable, it offers transparency between the transaction parties. Once the transaction is acknowledged on the blockchain, the supplier can apply for a bank payment guarantee or order for an invoice.
What makes this solution unique is that banks can easily finance transactions knowing that it is genuine thanks to the blockchain record. It also further improves cross-border transactions ensuring ease in trades for suppliers of goods.
Joyce Tee, DBS Group Head of SME Banking, believes that the blockchain solution’s deployment will help SMEs tap into regional opportunities. She further added that the bank was opened to leveraging new technology like Blockchain technology within its system.
“By leveraging emerging technologies such as blockchain, DBS is lowering the barriers for SMEs to participate in Asia’s post-pandemic economic revival as cross-border trade activity in the region picks up,” Tee concluded.
Ant Chain’s Turpusle trade solution has experienced rapid adoption by several international banks since it was launched in October. Some of the banks that have deployed the solution include BNP Paribas, Citi, Deutsche Bank, and Standard Chartered.
Banks Increasingly Adopting Blockchain Solutions
Blockchain solutions are getting rapidly adopted by banks due to quicker confirmation times and low transaction fees. Cross-border payments have long been an issue for banks, and blockchain technology significantly speeds up the rate of such transactions.
BTCManager reported in February that India’s largest bank, the State Bank of India (SBI), had collaborated with Wall Street giant JPMorgan to deploy its blockchain solution. This was preceded by reports of HDBank, which became the first Vietnamese bank to issue a blockchain-based letter of credit (LoC). These developments show that blockchain adoption continues to grow in the traditional financial system.