Ant International and Standard Chartered Collaborate on Blockchain Pilot for Cross-Border Liquidity Transfers
Blockchain Innovation in Finance Industry
Ant International and Standard Chartered Bank have successfully conducted liquidity transfers across borders using Ant’s blockchain-based platform. The collaboration leverages blockchain technology for instant transfers, cost reduction, and enhanced transparency.
Integration of Blockchain in Treasury Solutions
Standard Chartered adopted Ant’s Whale platform for liquidity management, enabling multinational corporations to facilitate cross-border transfers seamlessly. The platform supports various currencies and offers customized solutions to meet client requirements.
Benefits for Clients
Standard Chartered’s global head of cash management, Mahesh Kini, highlighted the benefits of blockchain integration for clients, providing improved access, visibility, and control over liquidity and working capital.
Expansion and Future Plans
Ant and Standard Chartered have successfully conducted similar trials in Hong Kong and recently completed the first settlement in Singapore using Whale. The collaboration aims to provide real-time, 24/7, and secure liquidity flows for clients.
Adoption by Other Financial Institutions
Ant’s Whale platform has gained popularity among banks, with clients like BNP Paribas and HSBC using the solution for seamless fund transfers. Additionally, OCBC, Singapore’s second-largest bank, announced plans to integrate Whale for multi-currency clearing and settlement.
Regulatory Measures in Japan
Japan’s financial watchdog proposes new regulations to prevent incidents like the FTX collapse. The proposed asset retention order aims to safeguard individual investors’ assets on digital asset trading platforms within the country.
Regulatory Caution in Japan
Japanese regulators have been cautious since previous incidents like the Mt. Gox collapse and the Coincheck hack. The country’s digital asset regulations prioritize the protection of investors’ assets, leading to the proposed measures against asset transfers outside Japan.
Future Outlook
As blockchain technology continues to revolutionize the finance industry, collaborations like Ant International and Standard Chartered’s pilot project pave the way for enhanced cross-border transactions and liquidity management. The integration of emerging technologies signals a shift towards more efficient and secure financial operations.
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