DBS Bank has rolled out its latest project, DBS Treasury Tokens, wanting to change how big companies handle their money.
It’s a major step involving Blockchain technology, brought to life through a partnership with Ant International.
What’s the point? To give Ant International the ability to manage their money across multiple markets instantly and in different currencies using DBS’s permissioned blockchain.
Here’s the deal: DBS’s blockchain hooks up with Ant International’s Whale platform, which already uses blockchain and AI to move money between bank accounts more efficiently.
By teaming up, they claim to have created a system that lets Ant International manage its cash flow 24/7. No more waiting around for transactions to clear. It’s all happening in real-time, anytime, anywhere.
The team told us that they’ve already seen success with the Whale platform in handling things like instant tax refunds and cross-border payments for small businesses.
Now, with DBS on board, they’re looking to push things further, making cross-border payments simpler and more accessible. Lim Soon Chong, the bank’s Group Head of Global Transaction Services, summed it up by saying:
“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.”
The Treasury Tokens are the result of years of work, including DBS’s participation in the Monetary Authority of Singapore’s Project Orchid and Project Guardian.
These projects have focused on the benefits of tokenization—basically, turning assets into digital tokens that can be traded and settled more efficiently.
DBS has been testing out things like Purpose Bound Money and atomic settlement use cases since 2016.
