Today Singapore’s largest bank, DBS, announced the launch of a Treasury Token pilot with Ant International. The treasury and liquidity management solution runs on DBS’ permissioned blockchain, and essentially involves a multi-currency tokenized deposit offering for payments between bank branches.
Ant International is the parent of Alipay+, the international affiliate of China’s largest payment app. It has two goals for the pilot. One is to support Ant’s own intragroup global treasury management. That’s because the DBS solution enables 24/7 cross border payments. Additionally, Ant is developing its Whale platform offering, a global treasury management solution for clients that leverages blockchain and AI. DBS integrated its blockchain with Whale.
Large corporates have subsidiaries dotted around the world, and their treasury departments have to ensure that money is in the right place at the right time. Using smart contracts enables programmable payments that give treasury departments more granular control over payments. They also want to optimise the return earned on idle cash.
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