Singapore’s largest bank by assets under management (AUM) DBS Bank introduces a suite of services to facilitate blockchain-based banking for its institutional customers.
Dubbed DBS Token Services, the products will incorporate new features, like smart contracts and tokenization, into the bank’s existing services.
This move, particularly the smart contract capabilities, would enable institutional clients to govern the use of funds under predefined conditions, with an emphasis on boosting security and transparency.
Additionally, the token services would help facilitate real-time settlements by connecting DBS’ EVM-compatible permissioned blockchain with several payment infrastructures.
DBS Exec Highlights Features of the Services
In a statement today, DBS’ Head of Global Transaction Services Lim Soon Chong said the DBS Token Services streamline operational workflows and optimize liquidity management for the public sectors and companies.
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Additionally, he mentioned that the services strengthen business resilience, creating new opportunities for end users. The executive highlighted the significance of the latest feat, noting that it showcases how traditional financial institutions can leverage blockchain to provide their customers with new services.
The development comes less than two months after DBS partnered with Ant Financial to introduce Treasury Tokens. According to an announcement in August, Ant Financial will leverage the system for instant, multi-currency treasury management.
DBS Fosters Institutional Adoption of Crypto Services
Meanwhile, institutional adoption of crypto and blockchain-related services has soared tremendously since the beginning of this year. Several entities, like DBS Bank, have continued to roll out new initiatives to enhance institutional interests in blockchain and cryptos.
Notably, DBS, which ranks as the largest Singapore bank with an AUM of SGD 743 billion ($566.81 billion), has introduced several blockchain-related projects for institutional clients.
Last month, Singapore’s largest bank said it would launch an over-the-counter (OTC) crypto option trading for institutional investors. The products, expected to launch in the fourth quarter of the year, will focus on Bitcoin (BTC) and Ethereum (ETH). Upon launch, the products will give institutional clients exposure to two of the world’s most valuable cryptos by market cap.
Two months after revealing this development, DBS Bank has launched blockchain-based banking services for its institutional clients.
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Source: https://thecryptobasic.com/2024/10/18/singapore-largest-bank-introduces-blockchain-powered-banking-services-for-its-institutional-clients/?utm_source=rss&utm_medium=rss&utm_campaign=singapore-largest-bank-introduces-blockchain-powered-banking-services-for-its-institutional-clients