Singapore’s DBS Bank Launches Blockchain Powered Banking

• Singaporean DBS bank announced offering blockchain-powered banking services. 
• The bank has announced several blockchain incorporated projects in the past months.

While the Asian regions have been enhancing their crypto involvement, Singapore-based DBS bank announces a major step. Meanwhile, a recent survey showed that North America is home to the largest crypto market on the global level. These data and other cryptocurrency data from Q3 have also shown intriguing results. 

Notably, DBS announced this week the rolling out of blockchain-powered banking for institutions using the DBS token services. The banking tycoon by integrating blockchain technology plans to introduce tokenization and smart contracts into its banking systems. The service is launched for the bank’s institutional clients as per reports. 

Moreover, using these technologies DBS plans to enable 24/7 assistance by leveraging its EVM-compatible (Ethereum Virtual Machine) permissioned blockchain. Additionally, smart contracts are stated to be utilized in helping institutions in programming fund management according to predefined conditions. 

Lim Soon Chong, the Group Head of Global Transaction Services stated:

“By leveraging tokenisation and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimise liquidity management[…]unlock new opportunities for end-customer or end-user engagement.”

In the past few months, the DBS bank has also integrated blockchain technology and web3 features into other sectors of its banking systems. Relatedly, the Singaporean nation according to a recent August report has topped other nations in global crypto adoption. 

What are DBS Bank’s Other Blockchain-Related Projects? 

In August, DBS bank announced the launch of a treasury tokens pilot program in collaboration with Ant International. This was done to manage liquidity and its multi-currency treasury. The bank also integrated its EVM-compatible permissioned blockchain with Ant International’s Whale platform for the project. 

Secondly, the Singaporean bank also initiated a pilot of blockchain-issued Government grants. This project aimed to leverage its government grants to receivers using blockchain technology. In this manner, authorities discussed how it would enhance banking operations and be on par with current technical speed. 

Finally, the recent blockchain-powered banking services project is an addition to the bank’s several attempts to become digital assets friendly and accommodate customers from the crypto sector as per authorities’ statements. 

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