DBS Singapore, the financial giant in Singapore, launched a Treasury Token Pilot with Ant international to improve liquidity and cross-border treasury.
DBS Group initiated an initiative to promote a blockchainThe pilot was developed in partnership with Ant International to simplify cross-border Treasury and Liquidity Management.
The Aug. press release, DBS said that the so-called DBS Treasury Tokens project will leverage its permissioned blockchain — which is compatible with Ethereum‘s EVM — to facilitate multi-currency treasury operations for Ant International, which operates mobile payment service Alipay+.
“This new capability comes at a time when the treasury needs of businesses are evolving to meet the rise of e-commerce and on-demand services on a 24/7 basis.”
Lim Soon Chong (DBS Bank) is DBS Bank’s global head of transaction services
Ant International’s Kelvin Li is the head of Ant International’s platform technology. He noted that this partnership will address key challenges such as cost reduction, and mitigating transaction risk in cross-border payment.
DBS has said that this pilot will reduce intra-group settlements. “from potentially days to seconds.”
DBS has also been making progress in the crypto world. DBS launched its crypto initiatives in July. became DBS was also appointed as a custody partner by Paxos in New York, an issuer of stablecoins. expanded Hong Kong customers will now be able access to crypto-based services.
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Source: crypto.news
