DBS Bank, a Singaporean financial institution, has partnered with Chinese digital payment provider Ant International to launch a blockchain-based treasury and liquidity management solution.
In a press release published today, August 13, 2024, DBS noted that the partnership aims to optimize workflow and improve transparency in treasury operations.
Notably, DBS is launching a pilot program for its Treasury Tokens, which operates its permissioned blockchain network. As part of the partnership, Ant International would leverage this solution’s support for instant, multi-currency transactions across various markets to manage the liquidity within its parent group, the ANT Group, around the clock.
Kelvin Li, Head of Platform Tech at Ant International, emphasized the potential of the solution to address challenges in cross-border payments, including cost reduction and risk mitigation. He noted the success of blockchain applications on Ant International’s Whale platform and expressed commitment to further collaboration in the industry.
“We will continue collaborating with industry partners and leveraging blockchain technology to enable more open and inclusive cross-border payments,”
Li added.
Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank, highlighted the timeliness of this capability given the evolving needs of businesses driven by e-commerce and 24/7 services. According to Lim;
“DBS’s permissioned blockchain also lays the foundation for greater efficiencies and innovations in traditional banking, including programmable and fractionalized value transfers.”
This collaboration reflects the growing trend of leveraging blockchain to enhance financial services and streamline operations in a rapidly digitizing world. It follows recent developments in the blockchain industry, such as the DeFi platform Zoth, which raised $4 million to launch digital versions of traditional fixed-income instruments, including US Treasury Bills and high-grade corporate bonds. Zoth’s CEO, Pritam Dutta, expressed enthusiasm about the funding, noting it enabled the platform to explore new opportunities.
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