As a seasoned financial analyst with over two decades of experience under my belt, I find myself consistently impressed by the innovative strides that DBS Group is taking in the realm of cross-border treasury management. The collaboration between DBS and Ant International on their blockchain-based project, DBS Treasury Tokens, is a testament to the bank’s forward-thinking approach and its ability to address the evolving needs of businesses in today’s digital economy.
As a researcher, I am excited to share that I have been involved in a groundbreaking project between Singapore’s financial powerhouse, DBS Bank, and Ant International. This pilot aims to revolutionize cross-border treasury and liquidity management by introducing a treasury token. The goal is to streamline these critical financial processes for smoother global transactions.
DBS Group, in partnership with Ant International, has launched a trial using blockchain technology aimed at improving the efficiency of handling international treasury and cash flow operations.
In a press release dated August 13th, DBS announced that their DBS Treasury Tokens project would utilize their blockchain platform (which is compatible with Ethereum‘s EVM) to streamline multi-currency treasury operations for Ant International, the company behind the mobile payment service Alipay+.
“With businesses’ financial requirements adapting to the growing trend of e-commerce and round-the-clock on-demand services, this new capability arrives at an opportune moment.”
Lim Soon Chong, DBS Bank’s group head of global transaction services
As a crypto investor, I appreciate the strategic collaboration between Ant International and DBS, as it directly tackles crucial issues like minimizing costs and managing risks associated with cross-border transactions.
Ant International, an affiliate of Alibaba Group, anticipates that the treasury token will streamline their liquidity management across multiple international markets. According to DBS, this trial could swiftly decrease the settlement time for intra-group transactions from possibly days down to mere seconds.
Beyond its tokenization efforts, DBS Bank is additionally progressing in the cryptocurrency sector. Last July, it partnered with Paxos, a New York-based stablecoin provider, as a custodial partner. Moreover, back in February, DBS extended its services to provide crypto solutions for clients based in Hong Kong.
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2024-08-14 13:32