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Singapore: DBS launches new tokenization services
By Davide Grammatica
Singaporean banking giant DBS has introduced “Token Services” for institutional customers to simplify tokenization operations via smart contracts
DBS developments
Singapore‘s largest bank , DBS, has launched so-called “Token Services,” or a new of package of services aimed at simplifying tokenization operations through smart contracts.
These will be dedicated to institutional customers, so that blockchain-based transactions can be integrated with existing banking services.
The bank has already operationalized its own EVM chain, which through “Token Services” would now be seamlessly integrated with its core payment engine and multiple payment infrastructures.
In addition, through new smart contracts, transactions could be “scheduled”, to facilitate different operations for institutions. In fact, as DBS reports, the new services include “conditional payments and programmable ‘rewards’.”
“’DBS Token Services’ enables corporations and public sector entities to streamline cash management, simplify operational workflows, strengthen business resilience and unlock new opportunities for end-customer engagement,” Lim Soon Chong, head of global transaction services at DBS Bank, told The Block, going into the matter.
Singapore landmark crypto
The deal follows the introduction of “Treasury Tokens” last August in partnership with Ant International, and now allows DBS to offer a 24-hour multi-currency interbank transaction management service to multinationals.
“Conditional Payments” aims to improve payment workflows, while ‘Programmable Rewards’ will enable new products to be developed.
All of this, in perfect harmony with Singapore regulations, which allows the bank to take advantage of every benefit of blockchain technology.
