Alibaba’s Ant Group and Banking Circle partner to enhance international fund settlements through innovative tokenized deposits.
The Chinese conglomerate Alibaba Group’s affiliate, Ant Group, has teamed up with Luxembourg-based bank Banking Circle SA to develop a new liquidity management project that will explore technological advancements on tokenized deposits that will speed up and increase the efficiency of international fund settlements.
The infrastructure of Banking Circle, in conjunction with the blockchain platform created by Ant Group, has the ability to issue and distribute tokenized deposits. The blockchain platform can more effectively support liquidity management and cross-border payments.
In addition to the obvious benefits of liquidity management, the framework is Web3 compliant and offers extra cost-saving options for foreign exchange, with new currencies to be added soon.
“Banking Circle is excited to work with Ant Group to pioneer innovations for global treasury management,” stated Laust Bertelsen, CEO of Banking Circle. Furthermore, in the future, the two businesses will keep working together to improve our connection on a worldwide scale.
Moreover with its fully licenced status and lack of legacy systems, Banking Circle helps banks and payment companies of all sizes to swiftly and affordably take advantage of opportunities in the new economy.
A range of banking options are offered by Banking Circle, such as virtual IBANs, multi-currency accounts, correspondent and agency banking, bank connections for local clearing and international payments, and more.
Through its different technologies and treasury solutions for its fintech customers, Banking Circle seeks to assist customers in lowering transaction costs, increasing efficiency and transparency, and optimising cash management.
Innovations in tokenization
Head of Ant Group’s international business group’s global fund platform Kelvin Li continued, saying, “We are happy to collaborate with Banking Circle on tokenization-related technological advances.
“It is intended to facilitate the development of scalable and sustainable fintech solutions and enhance the effectiveness of corporate treasury management and liquidity.”
Three more mobile wallets for payments were announced by Ant Group in September in the Philippines.
Finally by giving customers from Malaysia, South Korea, and Hong Kong the opportunity to pay with cashless transactions, it sought to enhance their travel experience.
