Singapore's DBS Bank has introduced a blockchain-based solution to simplify the distribution of government grants. In collaboration with Enterprise Singapore (ESG) and the Singapore Fintech Association (SFA), DBS piloted the program, disbursing grants to 27 members. The initiative demonstrated the efficiency and governance benefits of blockchain-based programmable grants, enabling faster access for businesses. Through DBS' permissioned blockchain, ESG and intermediaries like SFA can oversee program conditions and grant disbursements, automating payouts upon meeting specified criteria. This process enhances governance, reduces manual intervention, and accelerates cash payouts to businesses. The solution, inspired by DBS' involvement in Project Orchid and Project Guardian led by MAS, leverages tokenization for treasury management. By utilizing Ethereum Virtual Machine (EVM) within a permissioned blockchain, DBS aims to enhance transparency and efficiency in grant disbursement. Read more AI-generated news on: https://app.chaingpt.org/news