DBS Bank Singapore has launched a suite of new services called "DBS Token Service". The new banking product combines tokenization and smart contract-enabled features with its existing banking services. According to the statement, DBS Token Service integrates the bank's permissioned blockchain compatible with the Ethereum Virtual Machine, its core payment engine, and multiple industry payment infrastructures. In addition, smart contracts enable institutions to programmatically manage the use of funds. Specifically, the new services include treasury tokens, conditional payments, and programmable rewards.
DBS token services enable companies and public sector entities to "optimise liquidity management, streamline operational workflows, enhance business resilience and open up new opportunities for end customers or end-customer engagement", said John Lim, head of DBS's global transaction services group.
DBS Bank Launches "Token Service" to Enable Blockchain-Based Banking
2024-10-18 09:31:46
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