Standard Chartered’s Hong Kong and Singapore subsidiaries today announced Today Standard Chartered in Hong Kong and Singapore announced the launch of tokenized deposit solutions through an integration with Ant International’s blockchain treasury platform Whale. While the bank first announced the collaboration a year ago, this marks the move from pilot to production. Between the two bank subsidiaries, the solution supports HKD, CNH, USD and SGD.
Ant’s Whale solution enables the company to move money around the globe instantly and 24/7 between its worldwide intragroup entities. This is necessary because Ant International provides merchant services and treasury solutions to SMEs worldwide. It has integrated its distributed ledger platform with the tokenized deposit solutions of at least ten major banks, often participating in the design and acting as the inaugural client for the solutions.
“As corporates and institutions increasingly rely on ‘just in time’ liquidity, demand for real time and 24/7 treasury management is rapidly accelerating,” said Mahesh Kini, Global Head of Cash Management, at Standard Chartered. He added that the aim is to “offer our clients seamless and safe access to blockchain-based cash management and investment solutions.”
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