Ant Launches Business Trade Blockchain in Run-Up to $35B IPO

Sep 25, 2020 at 09:26 UTCUpdated Sep 25, 2020 at 09:28 UTC.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 that its new trade platform, called "Trusple," will make it easier for small and medium-sized enterprises 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 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.

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.