<p><ul>DBS Token Services will offer instant real-time settlement of payments.The bank is also exploring a treasury and liquidity management solution with Ant Financial.</ul><h5></h5><a><img src="https://www.coindesk.com/pf/resources/images/icons/Volume.svg?d=370" width="100%" /><span>Unmute</span></a><h1><a>Dragonfly General Partner on Market Volatility: A Buenos Aires Special </a></h1><img src="https://cdn.jwplayer.com/v2/media/IblXqsh0/poster.jpg?width=720" width="100%" /><span>01:00</span><span>Latin America's Crypto Surge: A Battle Against Inflation</span><img src="https://cdn.jwplayer.com/v2/media/u0zUgtWA/poster.jpg?width=720" width="100%" /><span>01:48</span><span>Nishad Singh’s Lawyers Ask Judge to Spare Him Prison; Italy to Raise Capital Gains Tax on Crypto</span><img src="https://cdn.jwplayer.com/v2/media/YXfWqARP/poster.jpg?width=720" width="100%" /><span>01:36</span><span>Bitcoin Jumps Above $67K to Nearly a Three-Month High</span><img src="https://cdn.jwplayer.com/v2/media/5lGNG0y8/poster.jpg?width=720" width="100%" /><span>02:04</span><span>Tesla Is Moving Bitcoin; Trump-Supported Token Falls Flat</span><p>Singapore-based DBS Bank has announced a new suite of banking services, integrating tokenization and smart contract-enabled capabilities for institutional clients.</p><p>The DBS Token Services will offer instant, real-time payment settlement through the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures.</p><p>Permissioned blockchains, which allow the creator more control over who can access a blockchain, are often used by businesses and governments instead of open, permissionless blockchains. DBS said its use would allow it to harness the benefits of blockchain technology while adhering to compliance standards.</p><p>“To capture the massive shift of human and corporate activity to on-demand digital services, companies and public sector entities are reimagining their operating models and customer engagement strategies. A new generation of ‘always-on’ banking services is essential to support this shift and transformation.” said Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank.</p><p><i><b>Read more: </b></i><a href="https://www.coindesk.com/sponsored-content/tokenization-real-world-assets-real-world-benefits/#:~:text=As%20blockchain%20technology%20continues%20to,and%20intangible%2C%20on%2Dchain."><i><b>Tokenization: Real World Assets, Real World Benefits</b></i></a></p><p>He added that DBS Token Services would allow companies and public sector entities to optimize liquidity management and streamline operational workflows, as well as strengthen business resilience and unlock new opportunities for end-customer or end-user engagement.</p><p>“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,” he added.</p><p>The announcement follows several moves by the bank to further integrate blockchain solutions into its offering, though many of its projects remain in the pilot stage. It recently launched Treasury Tokens - a treasury and liquidity management solution, as part of a pilot with Ant International.</p><p>It also ran a pilot with Enterprise Singapore and Singapore Fintech Association into conditional payments, which it believes opens up new possibilities for smart contracts to improve payment workflows.</p><p>Additionally, DBS plans to explore using smart contracts for digital voucher programs, including as part of the second phase of the Hong Kong Monetary Authority’s e-HKD Pilot Program. Users who complete green actions will receive new digital vouchers, which can be used to purchase green products and services at designated small and medium-sized merchants.</p><p><i><b>Read more: </b></i><a href="https://www.coindesk.com/markets/2024/05/30/singapores-largest-bank-dbs-is-an-ether-whale-with-nearly-650m-in-eth-nansen/"><i><b>Singapore's Largest Bank DBS Is an Ether Whale With Nearly $650M in ETH: Nansen</b></i></a></p><p>Edited by Aoyon Ashraf.</p></p>
DBS Token Services will offer instant real-time settlement of payments.The bank is also exploring a treasury and liquidity management solution with Ant Financial.
Unmute01:00Latin America's Crypto Surge: A Battle Against Inflation01:48Nishad Singh’s Lawyers Ask Judge to Spare Him Prison; Italy to Raise Capital Gains Tax on Crypto01:36Bitcoin Jumps Above $67K to Nearly a Three-Month High02:04Tesla Is Moving Bitcoin; Trump-Supported Token Falls FlatSingapore-based DBS Bank has announced a new suite of banking services, integrating tokenization and smart contract-enabled capabilities for institutional clients.
The DBS Token Services will offer instant, real-time payment settlement through the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures.
Permissioned blockchains, which allow the creator more control over who can access a blockchain, are often used by businesses and governments instead of open, permissionless blockchains. DBS said its use would allow it to harness the benefits of blockchain technology while adhering to compliance standards.
“To capture the massive shift of human and corporate activity to on-demand digital services, companies and public sector entities are reimagining their operating models and customer engagement strategies. A new generation of ‘always-on’ banking services is essential to support this shift and transformation.” said Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank.
Read more: Tokenization: Real World Assets, Real World Benefits
He added that DBS Token Services would allow companies and public sector entities to optimize liquidity management and streamline operational workflows, as well as strengthen business resilience and unlock new opportunities for end-customer or end-user engagement.
“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,” he added.
The announcement follows several moves by the bank to further integrate blockchain solutions into its offering, though many of its projects remain in the pilot stage. It recently launched Treasury Tokens - a treasury and liquidity management solution, as part of a pilot with Ant International.
It also ran a pilot with Enterprise Singapore and Singapore Fintech Association into conditional payments, which it believes opens up new possibilities for smart contracts to improve payment workflows.
Additionally, DBS plans to explore using smart contracts for digital voucher programs, including as part of the second phase of the Hong Kong Monetary Authority’s e-HKD Pilot Program. Users who complete green actions will receive new digital vouchers, which can be used to purchase green products and services at designated small and medium-sized merchants.
Read more: Singapore's Largest Bank DBS Is an Ether Whale With Nearly $650M in ETH: Nansen
Edited by Aoyon Ashraf.