Singapore's Largest Financial Institution DBS Bank Is Preparing to Enter the Cryptocurrency Sector! Here Are the Details

DBS Bank, Singapore’s largest financial institution by assets, has launched a pilot program for new “DBS Treasury Tokens” in partnership with Ant International, the global division of Alibaba’s fintech subsidiary Ant Group. The initiative is designed to improve treasury and liquidity management for businesses.

Singapore's DBS Bank Launches Blockchain-Based 'Treasury Tokens' Pilot

DBS Bank announced that the pilot leverages permissioned blockchain to streamline multi-currency treasury and liquidity management for Ant International’s global operations.

The main objective of the project is to accelerate the execution of intra-group transactions by reducing the potential time from days to seconds, thus optimizing liquidity and working capital.

Lim Soon Chong, group head of global transaction services at DBS Bank, highlighted the pilot’s potential to meet the evolving treasury needs of businesses in an era dominated by e-commerce and on-demand services.

“Our permissioned blockchain provides a foundation for new efficiencies and capabilities in traditional banking services, including programmable, granular and atomic transfer of value,” Chong said.

Ant International head of platform technology Kelvin Li noted that the collaboration has already demonstrated use cases such as instant tax refunds and cross-border payments for small and medium-sized businesses through the company’s Whale platform.

The DBS Bank pilot builds on the bank’s participation in Project Orchid and Project Guardian, which the Monetary Authority of Singapore spearheaded to explore the benefits of tokenization in financial services.

This new initiative aims to further DBS’s commitment to advancing blockchain technology and improving financial transactions for its customers.

*This is not investment advice.