DBS Bank launches a pilot for DBS Treasury Tokens, collaborating with Ant International.
The pilot project intends to reduce the transaction period from days to seconds, providing greater control.
This project checks on DBS's control of Singapore's tokenization efforts, positioning the country for financial innovation through blockchain technology.
Singapore’s largest financial institution by assets has announced the debut of a pilot project for its new DBS Treasury Tokens. The project is a joint effort with Ant International, the international arm of Alibaba’s fintech affiliate, Ant Group.
What to Expect from the Project
The DBS Treasury Tokens pilot is designed to streamline and optimize the management of multi-currency treasury and liquidity for Ant International entities. According to DBS, the project will significantly reduce the time of transactions from days to seconds and multi-currency management, as noted by Zhobby through the X Space platform, with the transaction speed expected to give corporate treasurers greater control over their cash positions.
https://twitter.com/Zhobby/status/1823270664003801598
Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank, emphasized the importance of this initiative in responding to businesses' changing needs. As e-commerce and on-demand services expand, the demand for efficient, 24/7 treasury solutions has grown. The DBS blockchain forms the foundation for new efficiencies and capabilities in traditional banking services, including programmable, fractionalized, and atomic value transfer.
Expanding Capabilities: Building on Singapore’s Tokenization
Kelvin Li, Head of Platform Technology at Ant International, highlighted the potential of this pilot, noting that it has already demonstrated use cases in areas such as instant tax refunds and cross-border payments for small and medium-sized enterprises (SMEs) on Ant Group’s Whale platform. The collaboration with DBS Bank is expected to expand these capabilities further, providing a robust platform for innovation in financial services.
According to the bank, DBS Bank’s Treasury Tokens project builds upon the bank’s involvement in Singapore’s broader efforts to explore the benefits of tokenization. The project follows DBS’s participation in Project Orchid and Project Guardian, both led by the Monetary Authority of Singapore. These initiatives aim to upgrade the understanding and use of tokenized assets and financial instruments, positioning Singapore as a leader in financial innovation.
The post DBS Bank and Ant International Launch Blockchain-Powered Treasury Tokens Pilot appeared first on Crypto News Land.