DBS Bank in Singapore has unveiled a new suite of blockchain-powered services for its institutional clients. The 'DBS Token Services' enable real-time payment settlements through the bank's permissioned blockchain, which restricts access to pre-approved participants. This blockchain, although utilizing distributed ledger technology, is not entirely decentralized. The bank had previously showcased the capabilities of its Ethereum Virtual Machine (EVM) compatible permissioned chain during the launch of its blockchain-powered treasury tokens pilot. Smart contracts within the system allow institutions to manage funds securely with predefined conditions, enhancing security and transparency. DBS Bank's group head of global transaction services, Lim Soon Chong, emphasized the importance of 'always on' banking services to meet the growing demand for digital services. The introduction of tokenization and smart contracts through DBS Token Services aims to optimize liquidity management, streamline operational workflows, and enhance end-user engagement, marking a significant advancement in transaction banking utilizing blockchain technology. Read more AI-generated news on: https://app.chaingpt.org/news