DBS paves the way for micro enterprises and SMEs from Singapore to tap into Asia’s economic revival with Trusple, Antchain’s international trade and financial services platform

Singapore.15 Mar 2021

First Asian bank to close a trade financing transaction on Trusple, valued at over USD 40,000

Singapore, 15 Mar 2021 - Following the official launch of Trusple, AntChain’s international trade and financial services platform, DBS today announced that it is the first Asian bank to successfully close a trade financing transaction on the platform, valued at over USD 40,000. The transaction was closed on behalf of iQuartz, a Singapore SME that manufactures, fabricates and distributes artificial stone materials known as ‘quartz stone’ to its USA and Singapore customers in the building materials market.

DBS is the first Asian bank to close a transaction on Trusple, done on behalf of iQuartz, a Singapore SME that manufactures, fabricates and distributes artificial stone materials known as ‘quartz stone’ to its USA and Singapore customers in the building materials market.

Previously, SMEs such as iQuartz would have had to endure lengthy manual processes and complex paperwork when engaging in cross-border trade with overseas suppliers. This would result in long delivery cycles that could drag for months and in turn delay iQuartz’s receipt of goods, impacting its operations and hindering its ability to seize new business opportunities as economic activity in Singapore revs up.

With Trusple, iQuartz’s trade order was immediately registered on the blockchain, enhancing transparency and giving iQuartz greater oversight of its supply chain. Once the trade commitment has been fulfilled and acknowledged digitally, DBS will also facilitate payment to iQuartz’s supplier automatically via the platform.

SMEs can also apply for bank payment guarantees and purchase invoice financing directly through Trusple for added convenience. All in, SMEs are now able to enjoy seamless, hassle-free trade transactions from end to end, freeing them up to focus on their core business operations. At the same time, suppliers are better assured of getting payments and the predictability of cash flows, enabling them to better optimise their working capital for strategic opportunities to grow their business.

Joyce Tee, Group Head of SME Banking, DBS, noted that today’s transaction underscores DBS’ ability to leverage its deep digital financing capabilities and extensive technology partnerships to help SMEs in Singapore stay competitive in the wake of massive changes to the global economic landscape. “SMEs are increasingly looking to tap on regional opportunities to access new markets and fortify their supply chains but are often daunted by complex trade processes. 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.”

Joshua Huang, Chief Financial Officer of iQuartz, said, “It’s important for SMEs like us to connect with the broader business community in Asia, and that’s why we took steps to diversify our supply chains overseas right from the start. But the trade documentation and financing processes were very tedious and took up a lot of our employees’ time. We found the Trusple interface easy to navigate and intuitive, giving us much better visibility of our supply chain. Our experience has been positive, and with DBS’ support, tapping on cross-border trade is now easier than ever for SMEs. The partnership between DBS and Trusple will greatly facilitate our growing purchase of raw materials from China to support iQuartz’s current business growth trajectory to be one of the biggest manufacturers of quartz stone in Southeast Asia.”

“With Trusple, our vision is to strengthen trust and transparency between buyers and suppliers, and to lower barriers for SMEs and financial institutions involved in cross-border trading. It is encouraging to witness iQuartz making its transaction on Trusple today and becoming the platform’s first SME customer in Singapore,” said Guofei Jiang, President of Advanced Technology Business Group, Ant Group. “At Ant, we strive to make doing business easier and less costly for all participants, and we welcome more outstanding local financial institution partners such as DBS to join us, and together to help SMEs seize new opportunities in the regional economy through the innovative use of digital technology.”

SMEs keen on accessing cross-border trade opportunities through DBS can find out more at www.dbs.com.sg/sme/dbs-trusple.


About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.