🌎 DBS Bank Launches Blockchain-Based Token Services for Institutions

DBS Bank has introduced DBS Token Services, a new blockchain-based offering designed to streamline institutional banking processes.

The DBS Token Services will integrate the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine, and multiple industry payment infrastructures. This integration aims to enhance efficiency and security in institutional transactions.

Real-Time Payments via Blockchain

Smart contracts enable institutions to program the governance of funds, including Treasury Tokens, Conditional Payments, and Programmable Rewards. This switch will allow real-time payment settlements using a permissioned blockchain, a system where only authorized participants can interact.

Singapore’s largest bank DBS launches token services to enable blockchain-based banking.

Understanding Tokenization in Finance

For those unfamiliar with the technology, tokenization in finance refers to turning assets into digital tokens that can be traded or managed more efficiently. Smart contracts are self-executing agreements that automatically enforce the terms of a contract, adding security and transparency to transactions.

By adopting these technologies, DBS aims to provide a more efficient and secure banking experience for institutions. This launch follows DBS’s previous blockchain experiments, including a treasury token pilot and blockchain-based government grants.