Singapore’s largest bank, DBS, introduced a blockchain-based solution aimed at streamlining the distribution of government grants. This initiative was developed in collaboration with Enterprise Singapore (ESG), a body under the Ministry of Trade and Industry (MOTIE), and the Singapore Fintech Association (SFA).
During the pilot phase, government subsidies were distributed to 27 members of the SFA using the blockchain solution. With DBS’s permissioned blockchain, ESG and its partners, including the SFA, can set program conditions and manage grant disbursements. According to DBS, this process involves releasing funds to approved recipients once specific business conditions are met.
Once the specified conditions are fulfilled, the smart contract automatically verifies them and triggers the subsidy payout. This solution is designed to improve governance control and minimize the reliance on intermediaries for manual cash handling. As a result, businesses can receive their government payouts more quickly.
Additionally, the bank’s permissioned blockchain provides complete visibility into the process, enhancing transparency for all involved organizations.
DBS Bank Partners With Ant International To Launch ‘DBS Treasury Token’ Program
The project offers a variety of services, including wealth management, personal banking, and business banking, to customers worldwide. It utilizes permissioned blockchain technology, which features an access control layer granting users who participate only pre-approved levels of authority. While these blockchains use distributed ledger technology, they are only in part decentralized.
Recently, DBS Bank unveiled it has partnered with the digital payment and financial services platform Ant International to initiate a pilot program called “DBS Treasury Tokens.” This program aims to advance treasury and liquidity management. The tokens, based on DBS’s permissioned blockchain, will be used by Ant International throughout multiple markets.
The post DBS Bank Introduces Blockchain-Based Payment Solution For Government Grants appeared first on Metaverse Post.
