DBS Bank, Singapore’s largest bank in terms of assets held, has launched an ambitious pilot program for its “DBS Treasury Tokens.” The Bank is floating the initiative in collaboration with Ant International, as it seeks to use blockchain technology to revolutionize treasury and liquidity management.
Executed on DBS’s permissioned blockchain, the pilot aims to enhance multi-currency management across various markets for Ant International’s entities. The program is also set to improve intra-group transactions by cutting down settlement times by a large slide. That is, from several days to mere seconds, significantly boosting liquidity and optimizing working capital management.
With this new collaboration, the partners will be targeting faster and more efficient multi-currency transactions.
DBS Bank Eyes Interoperability with Blockchain Integration
The blockchain infrastructure used in this pilot is not only permissioned but also compatible with the Ethereum Virtual Machine (EVM). This gives room for interoperability with various payment systems.
The integration supports seamless connectivity between DBS’s core payments engine and Ant International’s treasury management platform, Whale.
Meanwhile, Lim Soon Chong, DBS Bank’s group head of global transaction services, has noted the significance of this project. More so, for its peculiar timing. It comes at a time when there is a growing demand for rapid e-commerce and on-demand services. Chong said in a statement:
“DBS Treasury Tokens and our partnership with Ant International illustrate how businesses can confidently advance their liquidity management capabilities.”
For DBS Bank, this permissioned blockchain is an invaluable turning point in the way traditional services are delivered. That is, as it offers advancements in the specific areas of programmable, fractionalized, and atomic value transfers.
In the broader sense, this project offers DBS a shot at participating in Singapore’s Project Orchid and Project Guardian. These initiatives, spearheaded by the Monetary Authority of Singapore, explore the benefits of tokenization.
By integrating blockchain technology with Ant International’s AI-driven Whale platform, DBS aims to set a new standard in transparency and efficiency for fund transfers.
