DBS And Ant International have launched a pilot of a blockchain-based treasury and liquidity management solution designed to enable Ant International to reduce the settlement of intragroup transactions from days to seconds.
The solution, DBS Treasury Tokens, will enable Ant International, a digital payment solutions and financial services provider, to use the digital form factor to achieve instant, multi-currency cash and liquidity management on DBS. allowed blockchain for its entities across multiple markets, the companies said in a press release on Tuesday (Aug. 13). press release.
Moreover, because DBS’ allowed With blockchain integrated into Ant International’s treasury management solution, Whale, Ant International will be able to seamlessly manage its intragroup liquidity around the clock, the statement said.
“This milestone with DBS is an important step forward in addressing challenges such as reducing transaction costs and risks for cross-border payments,” Kelvin Lihead of platform technology at Ant International, said in the statement.
DBS Treasury Tokens aims to solve the challenges faced by large enterprises like Ant International that operate multiple entities across multiple markets and need to manage payments, collections and funding needs. And cash positions across multiple time zones and currencies, the statement said.
By reducing the settlement of intragroup transactions, the solution optimizes intragroup liquidity and working capital and provides corporate treasurers with greater visibility and predictability And control over the group’s cash position, according to the press release.
“This new capability comes at a time when businesses’ cash flow needs are evolving to meet the rise of e-commerce and 24/7 on-demand services,” Lim Soon ChongHead of Global Transaction Services Group at DBS Bank, said in the statement. “DBS’s treasury tokens and our partnership with Ant International demonstrate how corporates can seize such opportunities with confidence that their liquidity management capabilities can evolve in tandem.”
This pilot project stems from what DBS learned from its participation in two projects led by the Monetary Authority of Singapore: Orchid Projectwhich aims to develop the technology necessary for a digital singapore dollarAnd Guardian Projectwhich brought together policy makers and the financial sector to use assets tokenization to improve the liquidity and efficiency of financial markets, the statement said.
DBS Treasury Tokens is one of the industrial applications being tested under Project Guardian, the statement said.
