Singapore’s biggest bank DBS rolls out blockchain-powered ‘treasury tokens’ pilot
Quick Take:
š DBS Bank has launched a pilot of āDBS Treasury Tokensā in collaboration with Ant International.
š The pilot is powered by DBSā permissioned blockchain, which supports multi-currency treasury and liquidity management across various markets for Ant International entities.
DBS Bank, the largest bank in Singapore by assets, today initiated a pilot of āDBS Treasury Tokensā in collaboration with Ant International, the international division of Alibabaās fintech affiliate Ant Group. This project aims to improve treasury and liquidity management.
In a statement shared with The Block, DBS explained that this pilot operates on its permissioned blockchain, facilitating multi-currency treasury and liquidity management for Ant International entities in various markets.
Specifically, the initiative aims to help Ant International reduce the settlement of intra-group transactions āfrom potentially days to seconds,ā DBS said. āThis optimizes intra-group liquidity and working capital, providing corporate treasurers with greater visibility, predictability and control over the entire groupās cash position,ā the bank added.
The new pilot comes at a time āwhen the treasury needs of businesses are evolving to meet the rise of e-commerce and on-demand services on a 24/7 basis,ā said Lim Soon Chong, group head of global transaction services at DBS Bank, in the statement.
āDBSā permissioned blockchain also forms the building block for new efficiencies and capabilities in traditional banking services, such as programmable, fractionalised and atomic value transfer,ā Lim added.
Kelvin Li, head of platform tech at Ant International, said that the pair has already seen use cases in areas including instant tax refund services and cross-border payments for small and midsize enterprises on the companyās Whale platform.
DBS Bankās latest treasury tokens project originates from the bankās participation in Project Orchid and Project Guardian ā both led by the Monetary Authority of Singapore in a bid to explore the benefits of tokenization.
https://www.theblock.co/post/310889/singapores-biggest-bank-dbs-rolls-out-blockchain-powered-treasury-tokens-pilot