DBS Bank has introduced DBS Token Services, a new blockchain-based offering designed to streamline institutional banking processes. 

The DBS Token Services will integrate the bank’s Ethereum (ETH) Virtual Machine-compatible permissioned blockchain, its core payment engine, and multiple industry payment infrastructures, according to a press release from DBS.

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Real-time payments via the blockchain

Smart contracts enable institutions to program the governance of funds, including Treasury Tokens, Conditional Payments, and Programmable Rewards. This switch will allow real-time payment settlements using a permissioned blockchain, a system where only authorized participants can interact. 

JUST IN: 🇸🇬 Singapore's largest bank DBS launches token services to enable blockchain-based banking.

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For those unfamiliar with the technology, tokenization in finance refers to turning assets into digital tokens that can be traded or managed more efficiently. Smart contracts are self-executing agreements that automatically enforce the terms of a contract, adding security and transparency to transactions. 

By doing this, DBS aims to provide a more efficient and secure banking experience for institutions.

This launch follows DBS’s previous blockchain experiments, including a treasury token pilot and blockchain-based government grants. 

The bank is also expanding into crypto options trading, signaling its broader commitment to blockchain and digital assets.

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