Lucía Peña
DBS Bank, Singapore’s largest bank by assets, has introduced a new suite of blockchain-based services called “DBS Token Services” aimed at institutional clients. In a statement shared with PRIME, DBS highlighted that these new offerings integrate tokenization and smart contract functionalities with the bank’s existing financial services.
The new products leverage the bank’s Ethereum Virtual Machine (EVM)-compatible permissioned blockchain, its primary payment engine, and various industry payment infrastructures. The suite includes services like Treasury Tokens, Conditional Payments, and Programmable Rewards, all supported by smart contracts to enhance control and governance over fund usage.
According to Lim Soon Chong, the head of global transaction services at DBS, DBS Token Services provides businesses and public sector entities with enhanced liquidity management, streamlined operational processes, and new avenues for customer engagement.
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DBS first introduced Treasury Tokens in August, in partnership with Ant International, allowing multinational corporations to execute multi-currency intra-group transactions 24/7. The bank also plans to further develop Conditional Payments to improve payment processes, and the Programmable Rewards feature enables companies to design customized digital voucher programs.
The bank emphasized that by using a permissioned blockchain, DBS can maintain full control over these services while ensuring compliance with regulatory standards, allowing it to harness blockchain benefits securely.
