Multinational banking and financial services company DBS Bank has collaborated with digital payments provider Ant International on a new blockchain-based treasury and liquidity management solution. On August 13, DBS Bank announced the pilot launch of DBS Treasury tokens, which Ant International will use for instant and multi-currency treasury and liquidity management.
The new DBS Treasury tokens, which will be used by Ant International, exist on DBS’s permissioned blockchain for its entities in multiple markets. Permissioned blockchains, also called ‘private blockchains’, are networks with low access controls. This adds a security mechanism that allows blockchain participants to only have certain levels of pre-approved authority. Users need permission from the network owner to join the network. Although permissioned blockchains use distributed ledger technology (DLT), they are only partially decentralized.
According to DBS, the permissioned blockchain is compatible with the Ethereum Virtual Machine (EVM) and integrated with the bank’s core payment engine. This development improves the system’s scalability and compatibility with various industry payment infrastructures connected to DBS. The Singaporean bank also noted that the blockchain is integrated with Ant International’s treasury management platform, Whale. This will allow the company to manage liquidity within the group without disruption, which DBS says will streamline workflow and transparency.
Image: Bitcoinist
