Leading financial service provider, DBS has announced the launch of its latest new suite of blockchain-powered service, DBS Token Services. In a Friday press release, the firm says the DBS Token services will combine tokenisation and smart contract-enabled capabilities with its award-eimning banking services.
Similarly, the newly launched DBS service helps facilitate real-time payment settlement by using the bank’s Ethereum Virtual Machine-compatible permissioned blockchain. It will also make use of its core payment engine and multiple industry payment infrastructures to deliver optimal performance.
DBS leveraging the powers of permissioned blockchain technology
DBS leans heavily towards permissioned blockchain to ensure programmability for institutions clients, allowing them to manage the usage of funds in line with their predefined standards. This innovative posture ensures security and transparency in banking services. Similarly, DBS’s usage of this technology opens the door for banks to maximize all the benefits of blockchain while adhering to regulatory requirements.
The group head of global transaction services at DBS Bank, Lim Soon Chong shared more insights into the growing importance of the new generation “always-on”banking services in facilitating seamless transition and innovation. He noted that public sectors are now rebranding their operating models and customers engagement strategies to fit the demands for digital services.
Chong added DBS’ tokenization and smart contract capabilities can help companies and public sectors to optimize liquidity management. Similarly, the exec says it will streamline operational workflows, strengthen business resilience, while unlocking new opportunities for end-user engagement.
He says the development marks a significant milestone in transaction banking. According to him, established financial institutions can utilize blockchain technology in delivering ground breaking experiences
The year has been a busy one for DBS as it also introduced other blockchain-related solutions. It recently launched Treasury Tokens, a next-generation treasury and liquidity management solution with Ant International. As revealed, this solution supports ongoing intra-group transfers.
On August 22, DBS bank also announced the launch of a pilot for blockchain-based government grants. As revealed, this solution enables government to control and reduce the need for the manual processing of cash handling. Last month, the bank also announced the launch of over-the-counter crypto options trading and structured notes for institutional investors.
Read More: