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Singapore’s largest financial holding company announced the launch of a blockchain platform designed to enable efficient treasury and liquidity management within the group.
DBS Group Holdings, a leading financial group in Asia, partnered with Ant International, a FinTech provider of digital payment solutions, to launch DBS Treasury Tokens, a distributed ledger technology (DLT) system for treasury and liquidity management.
The new product aims to enable instant and multi-currency treasury management within the corporate group. DBS Treasury Tokens will operate on a permissioned EVM-compatible blockchain developed by DBS. Additionally, this network will be integrated with Ant International’s Whale platform to seamlessly manage the financial holding company’s liquidity in real time, optimizing workflows and ensuring operational transparency.
Whale is a DLT platform developed by Ant International for treasury management. In addition to blockchain technology, the platform utilizes artificial intelligence and advanced data encryption techniques to enhance the transparency and efficiency of transfers between bank accounts.
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Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank, highlighted that the DBS Treasury Tokens project is based on the company’s experience participating in Project Orchid and Project Guardian, initiatives launched by the Monetary Authority of Singapore (MAS) to explore the benefits of tokenization. He also emphasized that the solution was previously tested with the participation of Singapore’s financial market regulator.
Chong noted that the project addresses pressing business needs related to the growth of e-commerce and on-demand services. He added that the DBS permissioned blockchain will support new opportunities in traditional banking services, including programmable, fractionalized, and atomic value transfers.
Kelvin Li, Head of Ant International, stated that the company’s technological developments will enable DBS to reduce costs and risks in cross-border payments. He also emphasized that successful cases have already been implemented within the Whale platform, including instant tax refunds and payments for small and medium-sized businesses.
DBS Group Holdings is actively involved in initiatives by Singapore authorities to explore the market for tokenized assets, a sector repeatedly singled out by analysts as the fastest-growing segment of the crypto market in 2024.
Original article: DBS Bank Uses Blockchain for Treasury Management published on CoinsPaid Media.
