DBS Bank Unveils Tokenization Solution for Banking Services
On October 18, 2024, Singapore’s DBS Bank introduced DBS Token Services, a cutting-edge blockchain solution designed to enhance traditional banking services and improve the experience for its institutional clients.
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On October 18, 2024, Singapore’s DBS Bank introduced DBS Token Services, a cutting-edge blockchain solution designed to enhance traditional banking services and improve the experience for its institutional clients.
DBS Token Services is powered by the Ethereum Virtual Machine (EVM), a decentralized computing platform that executes smart contracts.
The package includes three key components: Treasury Tokens, Conditional Payments, and Programmable Rewards.
Treasury Tokens
These tokens allow multi-currency transactions to be conducted 24/7, free from the restrictions of Forex market hours and traditional banking schedules.
This provides greater transparency, predictability, and control over payments.
Conditional Payments
This feature allows companies to set specific conditions for payments, offering enhanced control over fund management. It also enables institutions to automate and optimize payment workflows.
Programmable Rewards
Using blockchain and smart contracts, businesses can design custom reward systems, such as issuing digital vouchers, to enhance customer engagement.
According to Lim Soon Chong, Group Head of Global Transaction Services at DBS, DBS Token Services will help businesses and public sector organizations “optimize liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement.”
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