DBS Bank pilots programmable government grants distributed via a blockchain platform. The initiative aims to boost efficiency, improve management, and speed up access to grants for local businesses.
DBS Bank, a Singapore-based financial holding company, launched a DLT platform to simplify the process of distributing government grants. The company is partnering with Enterprise Singapore (ESG), a state-owned agency under Singapore’s Ministry of Trade and Industry, and the Singapore FinTech Association (SFA), a local non-profit organization.
As part of the pilot program, local business and association development grants from the LEAD Trade Fairs & Business Missions agency were distributed through the SFA. Grants were awarded to 27 participants of the Singapore FinTech Festival. Disbursements were made via DBS’ permissioned blockchain. Fulfillment of the grant conditions was automatically verified through smart contracts, after which the disbursements reached the recipients without the need for manual processing and verification.
According to Han Kwee Juan, Country Head of DBS Singapore, using the DLT system to distribute grants allows for much faster receipt of funds, better management, and fewer intermediaries. He also noted that with DBS’s permissioned blockchain, ESG and its intermediaries, such as the SFA, can easily and quickly manage program conditions and the fund distribution process.
Shadab Taiyabi, President of the SFA, blockchain streamlines the payment process, enabling local businesses to receive payments faster and more efficiently and providing them with additional capital for development.
The new payment tool was developed as part of DBS’ participation in the Monetary Authority of Singapore (MAS) initiatives. Specifically, under Project Orchid, which aims to test the benefits of tokenization. DBS Bank also recently partnered with Ant International to launch DBS Treasury Tokens, a blockchain platform for managing capital liquidity and moving funds within the group of companies. The solution is also based on joint developments with the MAS, particularly the treasury token issuance system developed under Project Guardian.
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