According to ChainCatcher, Singapore's DBS Bank has launched a new set of services called "DBS Token Services". The new banking products combine tokenization and smart contract-supported functions with its existing banking services.
According to the statement, DBS Token Services integrates the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payments engine and multiple industry payments infrastructures.
In addition, smart contracts enable institutions to programmatically manage the use of funds. Specifically, new services include Treasury Tokens, Conditional Payments, and Programmable Rewards.
DBS Token Services enables companies and public sector entities to “optimise liquidity management, streamline operational workflows, enhance business resilience, and open up new opportunities for end-customer or end-user engagement”, said Lim Soon Chong, group head of global transaction services at DBS Bank.