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Home»HACKING NEWS»DBS Bank launches ‘Token Service’ for blockchain-based banking
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DBS Bank launches ‘Token Service’ for blockchain-based banking

By Crypto FlexsOctober 21, 20242 Mins Read
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DBS Bank launches ‘Token Service’ for blockchain-based banking
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  • DBS Bank has launched “Token Services” to enhance blockchain solutions for its customers.
  • Key offerings of ‘DBS Token Services’ include Treasury Tokens, conditional payments and programmable rewards.
  • This service optimizes liquidity management and streamlines operational workflows.

DBS Bank, Singapore’s largest financial institution by assets, has launched a new product line called “DBS Token Services” aimed at enhancing blockchain-based banking solutions for institutional customers.

This innovative initiative is an important step towards modernizing financial transactions in the digital era by integrating tokenization and smart contract support capabilities with the bank’s existing services.

DBS Token Service

The newly introduced DBS Token Service will enable clients, including corporations and public sector entities, to optimize liquidity management and streamline operational workflows.

DBS aims to improve transaction efficiency and governance over the use of funds through smart contracts by leveraging the power of a permissioned blockchain compatible with the Ethereum Virtual Machine. The suite of services includes several key services including Treasury tokens, conditional payments, and programmable rewards.

Launched last August in partnership with Ant International, Treasury Token provides increased flexibility and efficiency by enabling multinational corporations to settle transactions within multi-currency groups around the clock.

Additionally, conditional payments are designed to improve payment workflows, ensuring funds are allocated and utilized according to predefined criteria. Meanwhile, the Programmable Rewards feature allows organizations to create customized digital voucher programs to increase customer engagement and satisfaction.

Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank, emphasized that token services help customers strengthen business resilience and open new opportunities for end-user engagement. “These services enable businesses and public sector entities to optimize liquidity management and streamline operational workflows,” he said.

By leveraging permissioned blockchain, DBS Bank maintains full control over these services while complying with regulatory standards.

This strategic move not only demonstrates DBS’ commitment to innovation, but also positions the bank as a leader in the evolving landscape of blockchain technology and digital banking solutions.

As the financial industry continues to adapt to the needs of the digital economy, DBS Bank’s token service represents a forward-looking approach to meeting the needs of institutional clients.


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