DBS Launches Blockchain-Powered Banking for Institutions with DBS Token Service Providing Instant, 24/7 Real-Time Settlement of Payments
18th October 2024 | Hong Kong
Singapore largest bank DBS has announced the launch of blockchain-powered banking for institutions with DBS Token Service providing instant, 24/7 real-time settlement of payments. DBS (18/10/24): “DBS today announced the introduction of DBS Token Services – a new suite of banking services that integrate tokenisation and smart contract-enabled capabilities with its award-winning banking services. It aims to unlock new transaction banking capabilities and operating efficiencies for its institutional clients. DBS Token Services unlocks 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. In addition, smart contracts enable programmability for institutions to govern the use of funds according to predefined conditions, enhancing 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. The culmination of several years of industry collaborations and experimentation in digital money innovations, the suite of solutions – Treasury Tokens, Conditional Payments, and Programmable Rewards – exemplifies how established financial institutions can leverage blockchain technology and smart contracts to deliver new client experiences.”
“ DBS Launches Blockchain-Powered Banking for Institutions with DBS Token Service Providing Instant, 24/7 Real-Time Settlement of Payments “
Lim Soon Chong, Group Head of Global Transaction Services, DBS Bank: “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.”
DBS – DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
DBS Launches Blockchain-Powered Banking for Institutions with DBS Token Service Providing Instant, 24/7 Real-Time Settlement of Payments
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