Singapore's DBS Bank has launched a series of new blockchain-based services for institutional clients.

In an announcement sent to TinTucBitcoin, DBS introduced the “DBS Token Service,” which enables real-time payments using the bank’s permissioned blockchain.

Permissioned blockchains are networks with an access layer that allows participants to interact only with approved levels of authority. Although these blockchains use distributed ledger technology, they are not completely decentralized.

Previously, DBS also announced the possibility of a permissioned Chain compatible with the Ethereum Virtual Machine (EVM) when it launched its blockchain-based Treasury Token pilot project on August 13.

DBS uses smart contracts to manage funds

The bank explained that smart contracts would help institutions manage funds under pre-determined conditions. DBS said this would improve security and transparency. DBS wrote:

“Using a permissioned blockchain allows DBS to have complete control over these services, allowing the bank to leverage the benefits of blockchain technology while still complying with regulatory standards.”

Lim Soon Chong, head of global transaction services at DBS Bank, said a new generation of “always-on” banking services is needed to support the shift in demand for digital services.

The executive said companies and public entities are “reimagining their operating models” and engagement strategies.

Chong also believes that tokenization and smart contracts enable DBS Token Services to optimize liquidity management and improve workflows for customers. The executive also said that these technologies open up new opportunities for end-customer and end-user interactions, and strengthen the sustainability of the business.

The operator said this “marks a significant step forward” in transaction banking and shows how traditional financial institutions can use blockchain technology to offer new services to their customers.

DBS Expands List of Blockchain-Based Features

In addition to the newly announced Token service and Treasury Token pilot project, DBS has also introduced other blockchain-related developments in 2024.

On August 22, DBS Bank announced a pilot project for blockchain-based government subsidies. DBS said the solution improves management controls and reduces the need for manual cash handling.

On September 17, the bank announced that it will launch over-the-counter (OTC) cryptocurrency options trading and structured products for institutional investors. DBS said it will offer products linked to the prices of Bitcoin (BTC) and Ether (ETH).

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