Highlights. DBS Bank has launched a token service that combines blockchain, tokenization and smart contracts for real-time payments.
DBS #Token Service includes treasury tokens, conditional payments and programmable rewards.
DBS Bank, Singapore's largest bank, is advancing its cryptocurrency strategy with the launch of Token Service, a blockchain-based service package that includes #tokenization and #smart contracts.
After years of collaboration and experimentation in digital money, banking services are finally getting their due.
The DBS token service platform uses the bank's Ethereum virtual machine #blockchain , which is compatible with the permission blockchain; through integration with the DBS core payment engine and numerous industry payment infrastructures, the bank can provide 24/7 real-time payments. can offer real-time payments.
The DBS token service currently includes treasury tokens, conditional payments and programmable rewards. This shows that traditional financial institutions can provide a better experience for their customers by utilizing the latest technology. It simplifies the payment process and creates more business opportunities through more secure, transparent and efficient transaction management.
In addition to the launch of the DBS tokenization service, the bank has launched several other blockchain initiatives this year. On August 22, the bank announced a blockchain-based government grants pilot program aimed at improving governance and reducing manual cash handling.
On August 13, DBS launched a blockchain-based Treasury token pilot program to demonstrate the blockchain's ability to be EVM compliant and handle approvals.
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