Standard Chartered and Ant International perform HKD transaction

This transaction involved intra-group fund transfers between Ant International entities, using their Whale platform. The Whale platform, developed by Ant International, incorporates blockchain technology, advanced encryption, and AI to improve the security and efficiency of cross-border fund transfers. This HKD transaction marks Standard Chartered’s inaugural blockchain engagement with Ant International.

Both companies are actively involved in the Hong Kong Monetary Authority’s (HKMA) Ensemble Sandbox, an initiative designed to explore the application of wholesale central bank digital currency (wCBDC) in interbank settlements.

Collaborative roles and industry initiatives 

As a member of the Architecture Community within Project Ensemble, Standard Chartered contributes to developing industry standards and exploring practical applications of tokenized currency for interbank operations. This partnership highlights the increasing demand for treasury innovations, offering institutions enhanced transparency and operational efficiency. 

The blockchain transaction was designed for compatibility with Standard Chartered’s existing banking systems, facilitating integration into client workflows and improving visibility in a ‘real-world commercial setting.’ Standard Chartered Hong Kong is also engaged in several other HKMA initiatives, including the Stable Coin Issuer Sandbox, the e-HKD Pilot Programme, Project mBridge, Project Dynamo, and Project Genesis. 

Officials from Ant International noted that this collaboration marks a significant step in how businesses can manage global liquidity more effectively. They highlighted that combining Ant International’s Whale platform with Standard Chartered’s banking infrastructure allows for tokenized, secure, and efficient cross-border transactions. 

Representatives from Standard Chartered added that inefficient working capital has a direct financial impact on corporate clients. They emphasised Standard Chartered’s commitment to using blockchain and tokenization to enhance financial infrastructure and create streamlined, round-the-clock treasury solutions.