Key Points:
- DBS Bank launched Token Services, integrating blockchain, tokenization, and smart contracts for real-time payment settlements.
- The DBS Token Services includes Treasury Tokens, Conditional Payments, and Programmable Rewards.
DBS Bank, Singapore’s largest bank by assets, is advancing its cryptocurrency strategy with the launch of Token Services, a blockchain-powered suite incorporating tokenization and smart contracts.
Read more: DBS Bank Crypto Options To Be Launched In Q4
DBS Token Services Launched
After years of collaboration and experimentation in the digital money space, a big milestone for the bank service finally comes on board.
The DBS Token Services platform leverages the bank’s Ethereum Virtual Machine-compatible, permissioned blockchain. Integration with the core DBS payment engine and multiple industry payment infrastructures allows the bank to offer real-time settlement of payments 24/7.
Currently, the DBS Token Services include Treasury Tokens, Conditional Payments, and Programmable Rewards. It shows how traditional financial institutions are able to incorporate recent technologies in creating better experiences for their clients. It is all about smoothing payment processes and creating more opportunities for businesses by managing their transactions in a more secure, transparent, and efficient manner.
DBS Extends Blockchain Efforts with Government Grant Pilot
In addition to the DBS Token Services that went live, the bank launched several other blockchain initiatives this year. On August 22, it announced a blockchain-based government grant pilot to offer better governance controls and reduce manual cash processing.
On August 13, DBS launched a blockchain-powered treasury token pilot to further showcase the capabilities of its EVM-compatible permissioned blockchain.
The industry is not unfounded for DBS; instead, the blockchain has become the growing trend of major financial institutions embracing it. Rivals such as JP Morgan and Citigroup also started to provide similar services, with each giant leading in the blockchain-based solution for financial services with JPM Coin and Citi Token Services, respectively.
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