Web3 treasury application showcased

SINGAPORE — Ant International has unveiled its next-generation treasury management solutions powered by Web3 technologies during the Singapore Fintech Festival.

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.

The system enables 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.

Ant International, in collaboration with its industry partners, also showcased enhanced global treasury management solutions as part of broader industry efforts, including Project Guardian led by the Monetary Authority of Singapore.

It also explored the transformative potential of tokenization while ensuring regulatory safeguards and collaboration with industry stakeholders.

Web3 describes next iteration of the internet, one that is built on blockchain technology and is communally controlled by its users. It is a decentralized web, where data is not stored in a central location but is instead distributed across a network of computers.

While Web3 is still in its early stages of development, it has the potential to revolutionize the way people use the internet. It could make it possible to create new applications that are not possible with the current web architecture.

For example, it could be used to create decentralized social media platforms, marketplaces and financial systems.