Singapore’s DBS Bank has launched a new set of blockchain services for its institutional clients, dubbed “DBS Token Services,” for real-time payment settlements, Cointelegraph reported.
The service uses a permissioned blockchain, which allows participants to interact with each other under pre-approved permissions. Although it uses distributed ledger technology, it is not fully decentralized.
DBS also announced its Ethereum Virtual Machine (EVM)-compatible permissioned chain capabilities and launched a blockchain-powered treasury token pilot on August 13.
DBS said smart contracts will enable the institution to manage funds under predefined conditions, improving security and transparency. Using a permissioned blockchain gives DBS full control over these services while adhering to compliance standards.
Lim Soon Chong, group head of global transaction services at DBS Bank, said a new generation of “always-on” banking services is essential to support the shift in demand for digital services. Corporates and public sector entities are already reimagining their operating models and engagement strategies.
Chong also said tokenisation and smart contracts enable DBS Token Services to optimise liquidity management and streamline operational processes, creating new opportunities for end-customer and user engagement, and enhancing business resilience.
Additionally, DBS has unveiled other blockchain-related developments through 2024, including a blockchain-based government grant pilot announced on August 22, and over-the-counter (OTC) crypto options trading and structured note services announced on September 17.