DBS has rolled out DBS Token Services, a suite of banking services that integrate tokenisation and smart contract-enabled capabilities with its banking services.

The service aims to unlock transaction banking capabilities and operating efficiencies for clients.

DBS Token Services utilises instant, 24/7 real-time settlement of payments by integrating the bank's Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures.

Furthermore, smart contracts enable programmability for institutions to govern the use of funds according to predefined conditions, increasing security and transparency. Using a permissioned blockchain provides DBS full control over these services, enabling the bank to harness the benefits of blockchain technology while adhering to compliance standards.

Lim Soon Chong, group head of global transaction services, DBS Bank, said: “To capture the massive shift of human and corporate activity to on-demand digital services, companies and public sector entities are reimagining their operating models and customer engagement strategies. A new generation of “always-on” banking services is essential to support this shift and transformation.

“By leveraging tokenisation and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimise liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement. It marks a significant step forward in transaction banking and demonstrates how established financial institutions can leverage blockchain technology to deliver new ground-breaking features and experiences."

https://youtu.be/d2LD_ziXVY0

Earlier in October 2024, DBS and the China Council for the Promotion of International Trade (CCPIT), one of China’s trade associations, agreed on a memorandum of understanding to increase foreign investment and trade between China, Singapore, and the ASEAN area.

Together, the partners hope to assist Chinese businesses in expanding their operations internationally, strengthening regional supply chains, creating jobs, and accelerating sustainable development. DBS’ regional clients will be able to leverage the trade body’s network to grow into China.

The relationship brings together DBS, Southeast Asia’s largest bank, and CCPIT, which has a huge network of China’s commercial and trade communities.

"DBS introduces blockchain-powered banking with DBS Token Services" was originally created and published by Private Banker International, a GlobalData owned brand.