Quick take:
The company said the new product suite will help institutional clients optimize liquidity management and streamline operational workflows.
In August, DBS Bank launched a treasury token service in partnership with Ant International.
The bank plans to explore further applications of conditional payments that were earlier piloted with Enterprise Singapore.
DBS Bank, Singapore’s largest bank by assets is advancing its crypto strategy with the introduction of Token Services, a suite of functionality features powered by blockchain, tokenization and smart contracts.
The announcement follows the bank’s previous pilots of blockchain-based products that included a Treasury Token piloted in partnership with Ant International in August, Conditional Payments system trialled with Enterprise Singapore, which used the service to disburse grant payments to fintech firms and Corporate Vouchers launched as part of Project Orchid.
The company has leveraged its EVM-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures to enable an expanded functionality including 24/7, real-time payments.
DBS Bank said the new product suite will help institutional clients optimize liquidity management and streamline operational workflows. The Bank also plans to explore an expansion of its Conditional Payments service, according to a statement on Friday.
“By leveraging tokenisation and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimise liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement,” said Lim Soon Chong, Group Head of Global Transaction Services, DBS Bank.
“It marks a significant step forward in transaction banking and demonstrates how established financial institutions can leverage blockchain technology to deliver new ground-breaking features and experiences.”
DBS is not the first major financial institution to launch such a service, with JP Morgan and Citigroup offering similar solutions via JPM Coin and Citi Token Services.
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The post Singapore’s DBS Bank Advances Crypto Strategy with Token Services Solution appeared first on NFTgators .