DBS Bank has introduced DBS Token Services, a suite of banking services that uses blockchain technology to provide fast and efficient transactions to institutional customers.
The new service enables real-time payment settlement 24/7 and leverages smart contracts to improve security and transparency.
This blockchain service operates through DBS’s permissioned blockchain, ensuring complete control while maintaining compliance.
DBS Token Services includes solutions such as Treasury Tokens, which facilitate instant multi-currency intragroup transactions for large enterprises without being affected by traditional currency cut-off times or bank business hours. Masu.
These tokens are designed to streamline cross-border trading as well as liquidity management within companies operating across multiple markets.
Another feature, conditional payments, allows for programmable disbursements of funds based on preset conditions.
this is, Subsidy grant trial Worked with Enterprise Singapore and the Singapore Fintech Association to demonstrate improved governance controls over capital distribution.
This was successfully piloted in collaboration with Enterprise Singapore and the Singapore Fintech Association.
The bank is also exploring Programmable Rewards, a system to create digital voucher programs focused on environmental, social and governance (ESG) initiatives.
this is Piloted in Hong Kong as part of the e-HKD pilot programbusinesses can issue digital vouchers tied to green campaigns.
DBS continues to explore further blockchain applications, including securities tokenization and digital trade finance.
Mr Lim Sun Chong, Head of Global Transaction Services Group, DBS Bank, said:
“DBS Token Services leverages tokenization and smart contract capabilities to help enterprises and the public sector optimize liquidity management, streamline operational workflows, strengthen business resiliency, and connect with end customers and users. enable new opportunities for engagement to be developed.
This represents a significant step forward in transaction banking and demonstrates how established financial institutions can leverage blockchain technology to deliver new breakthrough features and experiences. ”
The launch builds on DBS’ significant experience with blockchain technology.
The bank has been involved in various blockchain initiatives, including Singapore’s Project Ubin, which was completed in 2020 after five phases. Project Orchid has developed a programmable digital money protocol. Project Guardian aims to improve liquidity in financial markets through the tokenization of assets.
Featured image credit: Edited from freepic
