Ant Group partners with Xinzhang Bank to launch DBS Treasury Token to accelerate cross-border payment settlement.

The trend of internet giants getting on board the encryption field is becoming a reality. Recently, Ant Group collaborated with Singapore's largest bank, DBS Bank, to launch the "DBS Treasury Token" pilot program.

This project aims to help Ant International reduce the settlement time for transactions within the group from several days to several seconds, thereby optimizing the group's internal liquidity and working capital. Ant International stated that this technology has broad application prospects in areas such as instant tax refund services and cross-border payments for small and medium-sized enterprises.

As the "Development Bank of Singapore", DBS Bank enjoys a prestigious reputation in the financial industry. Ant International has a large number of cross-border trade merchant resources, and the cooperation between the two sides is expected to promote a large volume of cross-border trade to achieve real-time settlement through tokenization, potentially bypassing the traditional Swift system.

The official Guardian project of the Monetary Authority of Singapore provides endorsement for this collaboration. The project aims to improve the liquidity and efficiency of financial markets through asset tokenization, and the collaboration between Ant Group and DBS Bank is one of its practical application scenarios.

It is worth noting that the policy-making group of the Guardian project includes members from the Deutsche Bundesbank, the UK Financial Conduct Authority, the Japanese Financial Services Agency, the International Monetary Fund, the Monetary Authority of Singapore, the Swiss Financial Market Supervisory Authority, and the Banque de France. This composition of members has sparked speculation about its possible intention to counterbalance certain financial powers.

In addition to participating in the Guardian project, Singapore has also launched Project Orchid, exploring the issuance of a central bank digital currency, namely the "Digital Singapore Dollar." The uniqueness of the Singapore Dollar lies in the fact that it is issued backed by Singapore's vast foreign exchange reserves, similar to a stablecoin managed by the central bank.

In the Orchid Project, the Singapore central bank is responsible for issuing stablecoins, while a certain trading platform takes on the role of an exchange for conversions. The participating organizations in this plan are mainly local institutions in Singapore.

In summary, Singapore seems to be seeking to develop the Singapore coin into an encryption stablecoin to facilitate domestic institutional settlements. At the same time, in the field of international trade, Singapore is joining forces with Eurasian countries to explore new financial cooperation models. Multinational trade institutions such as Ant Group play an important role in developing application scenarios within this strategy.