Singapore’s largest bank, DBS, has unveiled DBS Token Services, a suite of functionality powered by blockchain, tokenization and smart contracts. The new service is available to institutions. To enable the expanded functionality, including 24/7, real time payments, DBS integrated its core banking system with its permissioned Ethereum-compatible blockchain.
DBS Token Services supports three sets of functionality, which were previously separately revealed as pilots. First off is Treasury Tokens, which are essentially tokenized deposits. This allows 24/7 cross border payments between DBS branches. As part of the pilot, Ant International adopted the solution to support intra-group transfers. It has been integrated with Ant’s Whale platform for treasury management.
“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.
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