BBVA has inked a deal to integrate cross-border payment and financing services in Ant Group's blockchain platform for global trade, Trusple.
Chinese fintech giant Ant Group unveiled Trusple last year to help make it easier and cheaper for firms, especially SMEs, to sell their wares around the world while also reducing costs for financial institutions.
Now, BBVA has signed up to use the platform so that Mexican and Spanish importers that currently bring in goods from China can pay for the operations within Trusple, without having to use external services. Pilots are slated for early next year.
The system 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,” says Pablo Lopez Tallada, head, international solutions, BBVA Spain.