BBVA Teams up with Ant Group

Fazzaco learned that Spanish financial group BBVA has reached an agreement with Ant Group, which owns the hugely popular Alipay app, to collaborate on the integration of financial services in their platform, Trusple. 

Under the new partnership, BBVA will be able to integrate cross-border payment and financing services in Trusple, enjoying all the benefits from blockchain technology in terms of transparency and security.

These services will be offered by BBVA Mexico and BBVA Spain so that Mexican and Spanish importers that currently import from China can pay for the operations within Trusple, without having to use external services. The system uses ‘smart contracts’, which automatically execute the transactions when the milestones established in the contract by the importer and exporter are reached.

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. This agreement makes BBVA the first bank in Spain and Mexico to join the international trade platform, which already attracts over 10 major financial institutions across the world.

Let's recall that, in June this year, BBVA has announced to launch a new cryptoasset offering in Switzerland​​ to complement investment offering available in traditional financial assets for Private Banking clients.