DBS Bank Partners With Ant International To Launch Blockchain-Powered ‘DBS Treasury Token’ Pilot Program
In Brief
DBS Bank partnered with Ant International to launch “DBS Treasury Tokens” program designed to enhance treasury and liquidity management.
Singapore’s DBS Bank unveiled a partnership with the digital payment and financial services platform Ant International to launch a pilot program called “DBS Treasury Tokens,” designed to enhance treasury and liquidity management.
The new program’s tokens, which will be utilized by Ant International, are based on DBS’s permissioned blockchain and will be employed throughout various markets.
Additionally, its blockchain was incorporated with Ant International’s treasury management platform, Whale. It represents an advanced solution that utilizes blockchain technology, sophisticated encryption, as well as AI to make the efficiency and transparency of fund transfers between bank accounts better. The integration enables the firm to operate its intragroup liquidity, improving workflow and visibility.
Furthermore, the announcement highlighted that the new project builds on the insights and systems developed from DBS’s involvement in the Monetary Authority of Singapore’s (MAS) Project Orchid and Project Guardian that examine the advantages of tokenization. Notably, the bank’s tokens are among the applications experimented as part of Project Guardian.
DBS Bank’s Permissioned Blockchain To Drive New Efficiencies In Traditional Banking Services
The bank’s permissioned blockchain is also set to form the foundation for novel efficiencies and capabilities in traditional banking services, encompassing programmable, fractionalized, as well as atomic value transfers. Such blockchains, also known as “private blockchains,” feature an access control layer that restricts participation to individuals with pre-approved authority. Individuals must obtain permission from the network owner to participate.
DBS Bank provides wealth management, personal, and business banking services to customers globally. Recently, the entity teamed up with the blockchain infrastructure platform Paxos to manage cash and custody of stablecoin reserves. This partnership supports DBS’s plans to start issuing stablecoins and other digital payment tokens in Singapore.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
