Singapore’s largest financial holding company announced the launch of a blockchain platform that will enable efficient treasury and liquidity management within the group.
DBS Group Holdings, a leading financial group in Asia, partnered with Ant International, a FinTech provider of digital payment solutions, to launch DBS Treasury Tokens, a DLT system for treasury and liquidity management.
The new product’s goal is to enable instant and multicurrency treasury management within the corporate group. DBS Treasury Tokens will operate on a permissioned EVM-compatible blockchain by DBS. Besides, this network will be integrated with Ant International’s Whale platform to seamlessly manage the financial holding company’s liquidity in real time, optimizing workflows and ensuring transparency of operations.
Whale is a DLT platform developed by Ant International for treasury management. In addition to blockchain, the platform also uses artificial intelligence and advanced data encryption techniques to improve the transparency and efficiency of transfers between bank accounts.
Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank, highlighted that the DBS Treasury Tokens project is based on the company’s experience in participating in Project Orchid and Project Guardian initiated by the Monetary Authority of Singapore (MAS) to explore the benefits of tokenization. He also emphasized that the solution was previously tested with the participation of Singapore’s financial market regulator.
Chong noted that the project addresses pressing business needs related to the growth of e-commerce and on-demand services. He added that the DBS permissioned blockchain will support new opportunities in traditional banking services, including programmable, fractionalized, and atomic value transfers.
Kelvin Li, Head of Ant International, said the company’s tech developments will enable DBS to reduce costs and risks in cross-border payments. He also emphasized that successful cases are already implemented within the Whale platform, including instant tax refunds and payments for small and medium-sized businesses.
DBS Group Holdings is actively involved in the initiatives of the Singapore authorities to explore the market for tokenized assets, which repeatedly was singled out by analysts as the most rapidly growing sector of the crypto market in 2024.
