British multinational bank Standard Chartered and Ant International have successfully completed a liquidity transfer in Singapore dollars (SGD) using Ant’s blockchain-based Whale platform.
The new development marks a significant move towards seamless, cross-border blockchain liquidity management, aiming to enhance transparency, speed, and security in fund movements.
The transaction is part of a larger initiative to optimise Ant’s treasury for managing liquidity across borders efficiently.
Ant’s Whale platform integrates with Standard Chartered
Standard Chartered has integrated with the Whale platform, which operates using blockchain to provide transparency and reliability in cross-border fund transfers.
By leveraging this technology, Standard Chartered optimised intra-group liquidity management, a crucial advancement for its international clients seeking real-time cash flow monitoring and control.
The integration focuses on providing secure, continuous liquidity for business transactions, reflecting the bank’s commitment to innovative financial solutions.
This SGD-denominated transfer builds on earlier blockchain settlements executed by Standard Chartered and Ant International in Hong Kong.
The companies are now expanding these capabilities into Singapore, signifying continued growth of blockchain-based financial services in Asia.
Ant’s tech expertise and Standard Chartered’s global cash management infrastructure aim to establish a robust liquidity framework that benefits businesses by ensuring smooth global transactions.
Hong Kong’s Ensemble Sandbox sets foundation for blockchain collaborations
Both Standard Chartered and Ant International are participants in the Hong Kong Monetary Authority’s (HKMA) Ensemble Sandbox, an initiative exploring tokenisation use cases.
Since May, Standard Chartered’s Hong Kong branch has been involved in Project Ensemble, collaborating with HKMA to design industry standards for blockchain applications.
Ant International has contributed to two use cases on its Whale platform, advancing both companies’ expertise and impact in the blockchain space.
By integrating blockchain technology for liquidity transfers, Standard Chartered showcases its commitment to digital transformation within financial services.
As one of the early adopters of blockchain for cash management, the bank is setting a benchmark for transparency, 24/7 accessibility, and reliability in cross-border fund transfers.
This initiative reflects broader trends in finance towards adopting blockchain to meet client demands for real-time visibility and streamlined fund management across global markets.
Next steps for blockchain in cross-border liquidity management
The success of these blockchain-powered liquidity transfers opens avenues for further integration between Ant International and Standard Chartered across Asia.
Both entities are poised to continue exploring blockchain solutions for liquidity management in other markets, potentially involving currencies beyond the SGD.
Their collaboration aims to push the boundaries of digital finance, helping businesses achieve more efficient liquidity solutions through blockchain’s transparency and security.
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