This undated photo shows a logo for Ant Financial, the financial arm of e-commerce giant Alibaba, is seen in Hangzhou, Zhejiang province. (PHOTO / VCG)

SHANGHAI - Ant Group, owner of China’s ubiquitous mobile payment app Alipay, launched a blockchain-powered platform for cross-border trade settlements on Friday, as it races to launch more technology products ahead of its blockbuster IPO.

The 16-year-old giant, backed by e-commerce conglomerate Alibaba Group Holding Ltd, plans to list simultaneously in Hong Kong and on Shanghai’s tech-heavy STAR Market next month, in what could be the world’s largest initial public offering (IPO) - surpassing oil giant Saudi Aramco’s US$29.4 billion float last December.

Ant is seeking to raise about US$35 billion in the dual IPO after assessing early investor interest and based on a higher valuation of about US$250 billion or more, Reuters has reported.

Its new platform “Trusple”, a contraction of “trust made simple”, is based on the company’s blockchain technology Antchain

Ant was previously known as Ant Financial but changed its name this year to rebrand itself more as a tech firm rather than a provider of financial technology due to tighter financial regulations.

READ MORE: Ant 'plans US$17.5 billion Hong Kong IPO, no cornerstones'

Its new platform “Trusple”, a contraction of “trust made simple”, is based on the company’s blockchain technology Antchain.

Buyers and sellers can upload trading orders to the platform, which automatically generates a smart contract with information such as logistics. The banks of both buyers and sellers can then process payments using Antchain, Ant said.

ALSO READ: Ant moves closer to US$35b IPO with registration move

Users of the platform could, for example, include vendors that sell to other businesses via marketplaces such as AliExpress, Alibaba’s overseas e-commerce site.

Ant has submitted the most number of blockchain patent applications globally over the past two years, according to patent database IncoPat.

The technology, a digital ledger that forms the backbone of many crypto-currencies such as bitcoin, has seen a burst of interest in China since late 2019 when President Xi Jinping said the country should accelerate its development.

Ant seeks to pass the HKEX hearing for its IPO as soon as next Tuesday, and is expected to float on the Shanghai and Hong Kong bourses by late October, according to Hong Kong Economic Times.

The company plans to raise around US$35 billion on its debut, including US$17.5 billion from the Hong Kong market, according to the HKET report. With a valuation set to US$250 billion, Ant Group is expected to become the world's largest IPO.

On Tuesday, Ant Group submitted documents of its IPO to Shanghai securities regulator, after the Shanghai Stock Exchange approved the company's listing plan on Sept 18.

As per the documents, the fin-tech heavyweight's revenue reached 72.53 billion yuan in the first half of this year, and the revenue in the first three quarters is estimated to hit 114.5 to 117.5 billion yuan, increasing 38 to 42 percent from the same period in 2019.