Singapore Bank DBS Launches Token Services for Institutional Investors

cryptonews.com:

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

DBS Bank on Friday introduced DBS Token Services, a new banking solution that integrates tokenization and smart contract features into its existing services. Aimed at institutional clients, this initiative seeks to improve banking functions and boost operational efficiency.

The bank said it has integrated its Ethereum Virtual Machine (EVM)-compatible permissioned blockchain with its core payment engine and various industry payment systems, enabling instant, 24/7 real-time settlements. Additionally, by using smart contracts, DBS allows institutions to control fund usage based on preset conditions, enhancing both security and transparency.

Further, DBS said it maintains full control and ensures compliance through using a permissioned blockchain. This approach addresses common challenges like data security and regulatory compliance often faced when integrating blockchain into traditional banking.

The new suite includes Treasury Tokens, Conditional Payments and Programmable Rewards. These offerings result from extensive collaboration and experimentation with digital money innovations. They showcase how financial institutions can leverage blockchain and smart contracts to enhance client experiences.

Also, the bank said it aims to help companies and public sector entities shift to on-demand digital services. By offering tokenization and smart contract capabilities, the bank enables clients to optimize liquidity management and streamline operations.

In August, DBS partnered with Ant International to launch a blockchain-based treasury and liquidity management solution. Additionally, the bank announced