We mentioned before that Internet giants are re-entering the crypto market?
Sure enough, Ant Group, which has deep ties with Alibaba, made a big move yesterday. Ant Group cooperated with Singapore’s largest bank, SingBank, to launch a pilot program for “DBS Treasury Tokens”.
According to the official description of DBS Bank, this project can help Ant International shorten the settlement time of intra-group transactions from days to seconds, thereby optimizing liquidity and working capital within the group.
At the same time, Ant International also stated that it has seen application cases in areas such as instant tax refund services and cross-border payments for small and medium-sized enterprises.
The background of DBS Bank is not simple. Its full name is "Singapore Development Bank". The names of our banks such as Pufa Bank and Guangfa Bank were all learned from DBS Bank.
Ant International has a large number of cross-border trade merchants. With the cooperation between the two parties, a large number of cross-border trades may be settled in real time in a tokenized manner, which will directly bypass Swift?
The project is endorsed by the Guardian project officially launched by the Monetary Authority of Singapore.
The purpose of this project is to tokenize assets to improve the liquidity and efficiency of the financial market. The cooperation between Ant and DBS is one of the application scenarios of this project.
It is estimated that in order to check and balance the United States, Europe and Japan were brought in to join the policy making group. The members are:
Deutsche Bundesbank
Financial Conduct Authority (UK)
Financial Services Institutions (JP)
International Monetary Fund
Monetary Authority of Singapore
Swiss Financial Market Supervisory Authority
Bank of France
It has been confirmed that there is no American organization involved in the policy-making group, and it is very likely that they are gathering to rebel.
Only among the members of the corporate group are there some American companies, including JPMorgan Chase.
The protagonists of this article, Ant and Xinzhan Bank, are also on the list.
Singapore’s ambitions may go beyond this. They also have an orchid project, Project Orchid.
This plan is mainly to explore Singapore's issuance of central bank tokens, namely the "digital Singapore dollar"
The Singapore dollar is different from the currencies of many other countries. The central banks of many countries issue currencies by printing themselves, while the Singapore dollar is issued with the support of Singapore's massive foreign exchange reserves.
So the Singapore dollar is almost a stable currency, except that the central bank will occasionally use foreign exchange to adjust the exchange rate to mitigate the impact of inflation.
In the case shown in this Orchid Project, DBS Bank clearly positioned itself and the Singapore central bank:
The central bank is responsible for issuing stablecoins, and DBS Bank acts as an exchange for exchange.
Almost all the participating organizations of the Orchid Project are local institutions in Singapore.
In this way, Singapore’s intentions become clear:
The Singapore dollar can be developed into a crypto stablecoin in the future, making it easier for domestic institutions to settle and make money.
International trade unites European and Asian countries to fight against the US dollar.
Ant, a transnational trade organization, is responsible for developing application scenarios.
