DBS Bank, Singapore’s largest bank by assets, has launched a pilot project for 'DBS Treasury Tokens' in partnership with Ant International, Alibaba’s fintech affiliate. The project aims to improve treasury and liquidity management by leveraging DBS’s permissioned blockchain.
Introduction
DBS Bank and Ant International are testing a solution for treasury and liquidity management. The 'DBS Treasury Tokens' pilot aims to reduce settlement times and optimize working capital for the company.
Details of the DBS Treasury Tokens Project
DBS's blockchain supports multi-currency treasury management for Ant International, reducing settlement times from days to seconds and optimizing liquidity. The partnership project includes the introduction of new technologies to enhance traditional banking.
Innovations and Applications
The DBS Treasury Tokens pilot project is growing amid increasing corporate treasury needs. Kelvin Li of Ant International highlighted the project's success in instant tax refunds and cross-border payments on the Whale platform. The project builds on DBS’s involvement in Project Orchid and Project Guardian initiatives by the Monetary Authority of Singapore.
The 'DBS Treasury Tokens' pilot project demonstrates significant potential for innovations in treasury and liquidity management, providing new opportunities for corporate clients. Successful testing shows the prospects for effective blockchain application in the banking sector.
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