Standard Chartered, Ant International Announce Intra-Group Blockchain-Based SGD Settlement
First Blockchain-Based SGD Transaction Between Standard Chartered and Ant International
Standard Chartered and Ant International have announced the successful completion of SGD-denominated liquidity transfers between its entities using the latter’s blockchain-based Whale platform. To enable this transaction, Standard Chartered plugged into the Whale Platform to offer the liquidity necessary to conduct this transaction, which is a significant step forward towards instant and 24/7 treasury management.
The Whale platform is a next-generation treasury management solution that utilises blockchain technology innovation, including advanced encryption and Artificial Intelligence, to improve the efficiency and transparency of fund movements between bank accounts for better global liquidity management.
Standard Chartered to Get Optimised Treasury with Ant International
Effective and efficient intra-group movement of liquidity for Ant International and its entities optimises the Group’s treasury and working capital management. This is especially critical for global companies who frequently transact across borders, such as Ant International, who need instant and 24/7 liquidity management. Through this innovative transaction workflow, the company also benefits from additional transparency and security for its funds’ movements within the group.
“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” said Mahesh Kini, Global Head of Cash Management at Standard Chartered. “We continue to invest in our platforms and upgrade to enable seamless interoperability and compatibility to support our clients in achieving instant access, visibility, and control of their liquidity and working capital. Our collaboration with Ant International brings us ever closer to our goal of providing real time, 24/7, transparent and secure liquidity flows for our clients.”
“Following the successful blockchain test settlements that we have achieved with Standard Chartered in Hong Kong, we are delighted to expand our partnership to Singapore, the home of Ant International’s global headquarters. We hope to build on the momentum of our previous collaboration and continue developing new solutions to make global liquidity management even more seamless and secure for businesses around the world,” said Kelvin Li, Head of Platform Tech at Ant International.
Standard Chartered recently announced the test settlement of a similar HKD-Denominated transaction with Ant International. Please click here for more details.
