DBS Bank rolls out ‘Token Services’ for blockchain-based banking
DBS Bank has launched “Token Services” to enhance blockchain solutions for clients.
Key offerings of the ‘DBS Token Services’ include Treasury Tokens, Conditional Payments, and Programmable Rewards.
The services optimize liquidity management and streamline operational workflows.
DBS Bank, Singapore’s largest financial institution by assets, has launched a new suite of products called “DBS Token Services,” aimed at enhancing blockchain-based banking solutions for institutional clients.
This innovative initiative integrates tokenization and smart contract-enabled capabilities with the bank’s existing services, marking a significant step towards modernizing financial transactions in the digital age.
The DBS Token Services
The newly introduced DBS Token Services enable clients, including corporations and public sector entities, to optimize liquidity management and streamline operational workflows.
By harnessing the power of its Ethereum Virtual Machine-compatible permissioned blockchain, DBS aims to enhance transaction efficiency and governance over fund usage through smart contracts. The service suite includes several key offerings: Treasury Tokens, Conditional Payments, and Programmable Rewards.
Treasury Tokens, introduced in August in partnership with Ant International, allow multinational corporations to settle multi-currency intra-group transactions around the clock, thereby providing enhanced flexibility and efficiency.
Furthermore, Conditional Payments are designed to improve payment workflows, ensuring that funds are allocated and utilized in accordance with predefined criteria. Meanwhile, the Programmable Rewards feature enables institutions to create tailored digital voucher programs, enhancing customer engagement and satisfaction.
Lim Soon Chong, the group head of global transaction services at DBS Bank, emphasized that the Token Services empower clients to strengthen business resilience and unlock new opportunities for end-user engagement. “These services enable companies and public sector entities to optimize liquidity management and streamline operational workflows,” he stated.
By utilizing a permissioned blockchain, DBS Bank maintains full control over these services while ensuring compliance with regulatory standards.
This strategic move not only showcases DBS’s commitment to innovation but also positions the bank as a leader in the evolving landscape of blockchain technology and digital banking solutions.
As the financial industry continues to adapt to the demands of a digital economy, DBS Bank’s Token Services represent a forward-thinking approach to meet the needs of its institutional clients.
