Standard Chartered and Ant International have made significant strides in financial technology, with the companies announcing Wednesday that they have successfully completed the first-ever blockchain-based Singapore Dollar (SGD) transaction between their respective entities.
Essentially, the companies executed the first blockchain-based SGD transaction using Ant International’s blockchain-based Whale platform.
“To enable this transaction, Standard Chartered plugged into Ant International’s Whale Platform to offer the liquidity necessary to conduct this transaction which is a significant step forward towards instant and 24/7 treasury management,” reads the press release.
The approach optimises liquidity management, which is considered particularly crucial for global companies like Ant International that frequently engage in cross-border transactions.
The blockchain-based solution is also said to offer enhanced transparency, security, and efficiency for fund movements within the group.
Mahesh Kini, Global Head of Cash Management at Standard Chartered, stated, “Blockchain technology is revolutionising treasury management and we are pleased to be early adopters of its use cases to enable our clients to take advantage of its extensive benefits.”
He added that the company continues to invest in its platforms and upgrades to enable interoperability and compatibility to support clients.
Kelvin Li, Head of Platform Tech at Ant International, echoed this sentiment, highlighting the expansion of the partnership to Singapore and the potential for further innovation.
“We are delighted to expand our partnership to Singapore, the home of Ant International’s global headquarters,” said Li. “We hope to build on the momentum of our previous collaboration and continue developing new solutions.”
