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DBS Uses Blockchain to Boost Banking Services Capabilities

21.10.2024
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Singapore’s largest financial holding company launched a suite of banking services based on distributed ledger technology (DLT). The initiative is designed to provide institutional clients with tools for faster and more efficient transactions, including the ability to manage liquidity and program disbursements.

DBS Implements Blockchain in Banking Operations

DBS Bank, a major financial group in Asia, introduced DBS Token Services, a suite of blockchain-based banking services. The service will enable the bank’s institutional clients to leverage the power of tokenization and smart contracts for faster and more efficient transactions.

DBS Token Services is based on the DBS permissioned blockchain, enabling the bank to ensure regulatory compliance. One of its key features is Treasury Tokens, which allows large companies to conduct instant multi-currency intra-group transactions, regardless of time of day or currency restrictions. The functionality of DBS Token Services will let large companies operating in several markets manage liquidity more efficiently.

DBS also developed the Conditional Payments feature, a solution that allows payments to be programmed based on predetermined conditions. The feature was successfully tested with Enterprise Singapore (ESG) and the Singapore FinTech Association (SFA) as part of an experiment to control the distribution of government grants.

According to Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank, the future of the financial sector depends on “always-on” banking services and the DBS initiative provides new opportunities for companies to engage with end consumers.

The bank is also exploring the introduction of Programmable Rewards, a digital voucher creation system with a focus on Environmental, Social, and Governance (ESG) initiatives, which is being tested as part of a pilot project of Hong Kong’s CBDC.

DBS uses its own blockchain platform to manage treasury and liquidity within its group of companies.

Сообщение DBS Uses Blockchain to Boost Banking Services Capabilities появились сначала на CoinsPaid Media.

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CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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