Singapore-based DBS has launched a blockchain-powered treasury token pilot with payment firm Ant International.
DBS has launched «DBS Treasury Tokens» in collaboration with Ant International, according to a statement.
The treasury token pilot will enable instant, multi-currency treasury and liquidity management on DBS’ permissioned blockchain for Ant Inernational's entities across multiple markets. The bank’s blockchain is integrated with Ant International’s Whale platform – a treasury management solution that utilizes blockchain technology, advanced encryption and artificial intelligence.
Cash Management
Large corporates, such as Ant International, operate several entities across multiple markets with the need to manage payments, collections, funding needs and cash positions across time zones and currencies. According to DBS, the new token will allow reduced time in the settlement of intragroup transactions from days to seconds.
«This new capability comes at a time when the treasury needs of businesses are evolving to meet the rise of e-commerce and on-demand services on a 24/7 basis,» said Lim Soon Chong, group head of global transaction services.
«DBS’ permissioned blockchain also forms the building block for new efficiencies and capabilities in traditional banking services, such as programmable, fractionalized and atomic value transfer.»
