OCBC, a Singapore-based bank, said it has partnered with Ant International, a Singapore-headquartered payments and treasury technology provider, on a tokenized deposit service.

The service allows Ant group entities to move liquidity between Singapore and Malaysia around the clock through Ant’s blockchain-based WhaleRTP platform.

The service uses digital representations of commercial bank deposits on a distributed ledger.

It will initially support near-real-time treasury settlements in Singapore dollars and US dollars.

Separately, the Monetary Authority of Singapore’s Project Guardian tests tokenized bank liabilities for foreign exchange settlement and cross-border payments.

Bank Negara Malaysia has signaled digital asset and tokenization policy work through its Digital Asset Innovation Hub.

Ant International and HSBC have launched tokenized deposit solutions for real-time treasury management.

Swift said 17 banks are set to pioneer tokenized cross-border payments on its blockchain ledger.

OCBC’s tokenization work this year also included a September cross-border US dollar tokenized deposit transaction on Swift’s ledger with Citibank, and an April tokenized physical gold fund launched with Lion Global Investors and DigiFT.

🔗 Source: Ant International

Recent OCBC developments