DBS Group Launches Treasury Token Pilot with Ant International to Improve Cross-Border Treasury and Liquidity Management

DBS Group has initiated a blockchain-based pilot in collaboration with Ant International in a bid to streamline cross-border treasury and liquidity management.

Singaporean banking and financial services company DBS has announced the launch of a treasury token pilot with Ant International to enhance cross-border treasury and liquidity management.DBS Group is piloting a blockchain-based solution with Ant International to streamline cross-border treasury and liquidity management, the Singaporean banking giant announced on Aug. 13.

Dubbed DBS Treasury Tokens, the project will reportedly leverage DBS’ permissioned blockchain, which is compatible with Ethereum's EVM, to facilitate multi-currency treasury operations for Ant International. The latter company operates the mobile payment service Alipay+.

“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.”

Lim Soon Chong, DBS Bank's group head of global transaction services

Kelvin Li, Ant International's head of platform technology, highlighted the partnership with DBS in addressing key challenges such as reducing costs and mitigating transaction risks in cross-border payments.

The treasury token is expected to enable Ant International, an affiliate of the Alibaba Group, to optimize its liquidity management across various global markets. According to DBS, the pilot can reduce the settlement time for intra-group transactions “from potentially days to seconds.”

In addition to its tokenization initiatives, DBS has been actively expanding its services in the crypto domain. In July, the bank became a custodial partner for Paxos, a New York-based stablecoin issuer, while in February, DBS also rolled out crypto offerings for clients in Hong Kong.

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