SINGAPORE--(BUSINESS WIRE)--Nov 15, 2023--
Ant International today unveiled its next-generation treasury management solutions powered by Web3 technologies during Singapore Fintech Festival.
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Kelvin Li, Head of Global Fund Platform at Ant International, at the Tech Stage of Singapore Fintech Festival (Photo: Business Wire)
The solutions utilize Web3 technology innovations including advanced encryption and tokenization, zero-knowledge proof, artificial intelligence and decentralized finance to improve the efficiency and transparency of global fund clearing and settlement, and enable 24/7 real-time, on-demand and multi-currency treasury fund movement between bank accounts.
At the Tech Stage of Singapore Fintech Festival, Kelvin Li, Head of Global Fund Platform at Ant International, presented the solutions and their use cases.
According to Li, the solutions so far have been deployed in multiple business scenarios of Ant International, including cross-border acquiring and instant tax refund services. With the help of the solutions, SMEs in cross-border trades can enjoy always-on payment collection with their account period being significantly reduced, and outbound travelers can see their tax refunding being instantly settled and received their refunds almost immediately.
"Web3 technologies are enabling a new wave of digital transformation and digital collaboration, bringing innovations on the value movement," said Li. "The development and application of the solutions is another demonstration of Ant International’s long-term commitment to resolving industries' pain points through technological innovations. We will continue to leverage Web3 and other fintech innovations to improve the efficiency and trustworthiness on treasury management, while exploring more innovative and inclusive services."
Ant International, in collaboration with its industry partners, also trials enhanced global treasury management solutions as part of broader industry efforts, including Project Guardian led by the Monetary Authority of Singapore, exploring the transformative potential of tokenization while ensuring regulatory safeguards and collaboration with industry stakeholders.
The development of these solutions is also supported by Ant International's banking partners. On November 1, HSBC announced that it had built tokenized deposit-based treasury management capabilities based on the solutions. Banking Circle, a Luxembourg based bank, also announced this week that it was working on a pioneering liquidity management project leveraging the solutions.
About Ant International
Headquartered in Singapore, Ant International powers the future of global commerce with digital innovation for everyone and every business to thrive. In close collaboration with partners, we support merchants of all sizes worldwide to realize their growth aspirations through a comprehensive range of tech-driven digital payment and financial services solutions.
View source version on businesswire.com:https://www.businesswire.com/news/home/20231115067830/en/
CONTACT: Media Inquiries
Vick Li Wei
Vick.lw@antgroup.com
Ant Group
KEYWORD: ASIA PACIFIC SINGAPORE
INDUSTRY KEYWORD: BANKING ACCOUNTING TECHNOLOGY PROFESSIONAL SERVICES WEB3 DIGITAL CASH MANAGEMENT/DIGITAL ASSETS ASSET MANAGEMENT SOFTWARE ARTIFICIAL INTELLIGENCE FINTECH FINANCE
SOURCE: Ant International
Copyright Business Wire 2023.
PUB: 11/15/2023 03:30 AM/DISC: 11/15/2023 03:29 AM
http://www.businesswire.com/news/home/20231115067830/en
