Singapore, Wednesday, October 23, 2024-DBS Bank, the largest in Singapore, has launched DBS Token Services, a suite of blockchain-based services aimed at institutional clients.
This new offering integrates tokenization and smart contracts with existing banking functions, providing enhanced liquidity management and operational efficiencies.
DBS Token Services operates on the bank’s permissioned blockchain, compatible with the Ethereum Virtual Machine, allowing programmable contracts to manage funds.
This service includes features such as Treasury Tokens, Conditional Payments, and Programmable Rewards, designed to streamline corporate payment workflows.
In August, DBS partnered with Ant International to launch Treasury Tokens, which enable 24/7 multi-currency intra-group settlements. The bank is exploring broader uses for Conditional Payments to improve transaction efficiencies. Programmable Rewards will allow institutions to design custom digital voucher programs.
According to Lim Soon Chong, group head of global transaction services at DBS, this development will optimize liquidity, strengthen resilience, and open new customer engagement opportunities.
The use of permissioned blockchain ensures compliance and control, making the service secure for institutions.
DBS’s adoption of blockchain technology highlights its commitment to providing innovative financial solutions, setting a new benchmark for digital banking in the region.
