Standard Chartered and Ant International have transitioned their blockchain-based tokenised deposit solution from pilot to commercial launch, enabling real-time fund transfers across Hong Kong and Singapore. This innovative solution allows global entities to bypass traditional banking hours and settlement delays, facilitating seamless transactions in HKD, CNH, SGD, and USD.
The solution, developed on Ant International’s Whale blockchain platform, was created under the Hong Kong Monetary Authority’s Project Ensemble and the Monetary Authority of Singapore’s Project Guardian. It marks a significant step in enhancing liquidity and efficiency in financial markets through tokenisation.
Mahesh Kini, Global Head of Cash Management at Standard Chartered, highlighted the growing demand for real-time and 24/7 treasury management, stating, “Driven by a shared vision of shaping the future of cash management, we are pleased to partner with Ant International from the conceptualisation to the commercial launch of this solution.”
The integration of Ant International’s bank accounts with tokenised deposits ensures a near real-time flow of liquidity, significantly improving the management of treasury and working capital. Kelvin Li, General Manager of Platform Tech at Ant International, noted, “The new solution enhances our liquidity management by providing seamless and secure access to the working capital needs of our businesses globally.”
This development is expected to encourage more global businesses to explore the benefits of tokenised deposits, contributing to the growth of tokenised assets in Hong Kong and Singapore. As both companies continue to innovate, they aim to set a blueprint for commercial banks to facilitate the transition from traditional banking ledgers to blockchain technology.
