OCBC Bank and Ant International announced a strategic partnership aimed at streamlining cross-border fund payments using tokenized deposits and leveraging advanced cryptography and AI.
The partnership prioritizes enabling 24/7 real-time payments between Singapore and Malaysia via Ant International’s Whale platform.
The platform leverages blockchain technology, advanced cryptography, and AI to enhance the speed, efficiency, and transparency of cross-border transactions.
This shows how blockchain can support the evolving needs of finance and liquidity.
partnership mark OCBCis making its first foray into tokenization with Ant International, building on its existing relationship.
OCBC has previously collaborated with Ant International and joined the Alipay+ network in 2023 to facilitate cross-border payments between Singapore, Malaysia and South Korea.
Melvin Rowe, Head of Global Transaction Banking at OCBC, said:
“This partnership with Ant International leverages our joint blockchain capabilities to enable faster and seamless multi-currency clearing and settlement for treasury and liquidity management within Ant International’s group. .
Learn how blockchain can help global enterprises better meet their evolving treasury and liquidity needs, as corporate treasury functions become increasingly strategic and a key driver of corporate revenue. This demonstration is very timely. ”
Kelvin Li, Head of Platform Technology at Ant International, added:
“By partnering with one of Asia’s leading banks, we will combine OCBC’s deep knowledge of the Singapore and Malaysian markets with Ant International’s technological expertise and blockchain innovation for businesses in Asia and the rest of the world. We want to develop more effective global financial management solutions,” so we can trade and transact more seamlessly across borders. ”
Featured images: (clockwise from left to right) Raymond Yong, head of China operations at OCBC Hong Kong, Kelvin Lee, head of platform technology at Ant International, Douglas Feagin, president of Ant International; Melvin Rowe, Head of Global Transaction Banking OCBC
