ASN (Alternative Swift Network), the world’s first Defi (aka Decentralized finance) featured blockchain-based network with the ambition to compete with the existing Swift system and related clearing and settlement facilities, is partnering with Asian B2B platforms. Its committee, the ASN Committee, has recently reached intent of partnership with a Chinese e-commerce body, the Shenzhen Cross-Border E-Commerce Association (SZCBEA). This partnership with SZCBEA will help boost the usage of blockchain technology among the membership entities of the SZCBEA. By using blockchain technology provided by ASN, the future cross-border B2B financial transactions will be processed in a frictionless, cost-efficient, faster and more secure manner compared with the existing one, the Swift.
The ASN Committee also reached preliminary intent of partnership with ECVV, a B2B cross-border industrial e-commerce platform which mainly serves the Belt and Road countries and with a focus on Arab countries. ECVV specializes in the fields of home decoration, hardware tools, electronic appliances, mechanical accessories, and medical equipment with annual trade volume of more than $2 billion. This partnership will make it possible that in the future, ASN’s blockchain technology will be implemented in the ECVV platform and facilitating cross-border transactions in a smoother, cheaper and faster manner, benefiting millions of registered users.
The ASN Committee explains that the ASN network is not just a blockchain solution, which synchronizes the messaging flow and the actual fund flow, and applies trustless distributed ledger technology and crypto assets to better facilitate the B2B cross-border financial transactions, but also a Defi application. It is actually the first Defi application that combines Defi and the real world businesses. In ASN network, incentive methods are introduced to award real-world business people who interact with the ASN’ Defi protocol. In this way, it, to a great extent, prevents excessive speculation activities which may harm the system.
The ASN’s website ( http://asn.plus/ ) has details about its Defi features.