British multinational bank Standard Chartered, in collaboration with Ant International, successfully conducted liquidity transfers denominated in Singapore dollars (SGD) through Ant International’s blockchain-based Whale platform, according to The Asian Banker.
The report, which was published today, November 5, detailed that Standard Chartered integrated Ant International’s Whale platform to improve the efficiency and transparency of fund transfers between bank accounts. This intra-group liquidity management aimed to optimise Ant International’s treasury operations for cross-border transactions, enhancing overall financial processes.
Commenting on the development, Mahesh Kini, Global Head of Cash Management at Standard Chartered, highlighted the transformative impact of blockchain, stating that the technology is “revolutionising treasury management.” He expressed satisfaction with the bank’s early adoption, emphasising its commitment to enabling clients to harness the extensive benefits blockchain offers
“Our collaboration with Ant International brings us ever closer to our goal of providing real-time, 24/7, transparent and secure liquidity flows for our clients,”
Kini noted.
Kelvin Li, Head of Platform Tech at Ant International, noted that after successful blockchain test settlements in Hong Kong, the partnership would extend to Singapore. He expressed optimism about building on past achievements, stating, “We hope to build on the momentum of our previous collaboration and continue developing new solutions to make global liquidity management even more seamless and secure for businesses around the world.”
This announcement comes after Standard Chartered’s recent test settlement of a HKD-denominated transaction with Ant International. The two companies actively participate in the Hong Kong Monetary Authority’s Ensemble Sandbox.
Since May 2024, both firms has contributed as part of the Project Ensemble Architecture Community, collaborating on industry standards and the design and implementation of the sandbox, which explores tokenization use cases. Ant International has also engaged in the sandbox, developing two specific use cases through its blockchain-based Whale platform.
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