DBS and Ant International Launch Blockchain Treasury Pilot

Singapore's DBS Bank Partners with Ant International on Blockchain-Based Treasury Token Pilot, reports BTC News.

DBS has initiated a pilot project with Ant International to optimize cross-border treasury and liquidity management using blockchain technology. The project employs a permissioned blockchain compatible with Ethereum, aiming to improve multi-currency treasury operations for Ant International, the company behind the Alipay+ mobile payment service.

“The treasury needs of businesses are evolving to meet the rise of e-commerce and on-demand services on a 24/7 basis,” stated Lim Soon Chong, DBS Bank’s group head of global transaction services. Lim emphasized the project's relevance in addressing the shifting treasury requirements driven by e-commerce. According to Kelvin Li, Ant International’s head of platform technology, the partnership will help reduce costs and mitigate risks associated with cross-border transactions.

This collaboration is expected to transform liquidity management for Ant International, significantly increasing efficiency by reducing settlement times from days to seconds for intra-group transactions across global markets. It also aligns with DBS’s broader strategy, which includes a recent custodial partnership with Paxos and the expansion of crypto offerings in Hong Kong.