DBS clarified in a statement that this experiment runs on a permissioned blockchain, allowing Ant International businesses across several markets to manage multi-currency treasuries and liquidity.

The project specifically seeks to assist Ant International in lowering the settlement of intra-group transactions “from possibly days to seconds,” DBS stated. “This maximizes intra-group liquidity and working capital, giving corporate treasurers more visibility, predictability, and control over the whole group’s cash position,” the bank said.

According to Lim Soon Chong, group head of global transaction services at DBS Bank, the new pilot arrives “when the treasury needs of businesses are evolving to meet the rise of e-commerce and on-demand services on a 24/7 basis.” 

“DBS’ permissioned blockchain also forms the building block for new efficiencies and capabilities in traditional banking services, such as programmable, fractionalized, and atomic value transfer,” Lim said.

Head of platform technology at Ant International, Kelvin Li, said the pair has already seen usage cases in sectors such as rapid tax refund services and cross-border payments for small and midsize companies on the company’s Whale platform.

The latest treasury tokens from DBS Bank come from the bank’s involvement in Project Orchid and Project Guardian, both under the direction of the Monetary Authority of Singapore, in an effort to investigate tokenizing’s advantages.

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The fintech behemoth has confirmed that Ant Blockchain Technology (Shanghai) Co. has lately changed its business registration with Chinese regulators, boosting its registered capital to 1.5 billion yuan ($206.4 million) from 100 million yuan.

Established in December 2018, the blockchain department is registered to run companies in hardware retail, information technology services, software development, etc.

Another Ant Digital Technologies subsidiary, Ant Chain (Shanghai) Digital Technology Co., had earlier raised its registered capital to 2.1 billion yuan ($288.9 million) from 100 million yuan, the business said.

China prohibited all cryptocurrency transactions on the mainland in September 2021; however, the nation is open to homegrown blockchain technology and digital economies; Chinese tech titans like Alibaba and Tencent are focused on building their own consortia blockchains.

For instance, in July 2020, Ant Group introduced Ant Chain as its blockchain trademark. Ant Digital Technologies debuted its international blockchain brand ZAN in September 2023.

Along with Hong Kong’s blockchain community created in May to develop wholesale central bank digital currency and tokenization, Ant Digital Technologies is also a member.

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