DBS Bank issues ‘Token Services’ for blockchain-based banking.
DBS Bank has launched “Token Services” to improve blockchain solutions for customers. Key offerings of ‘DBS Token Services' include Treasury Tokens, Conditional Payments and Programmable Rewards. The services improve liquidity management and streamline business processes.
DBS Bank, Singapore's largest financial institution by assets, has launched a new suite of products called “DBS Token Service” aimed at improving blockchain-based banking solutions for institutional customers.
This innovative initiative integrates tokenization and smart contract-enabled capabilities with the bank's existing services to modernize financial transactions in the digital age.
DBS Token services
The new DBS token service enables customers including corporations and public sector entities to enhance liquidity management and streamline operations.
By harnessing the power of the Ethereum Virtual Machine compatible blockchain, DBS aims to increase transaction efficiency and management of funds through smart contracts. The service segment includes several key offerings: treasury tokens, conditional payments, and programmable rewards.
Treasury Tokens, partnered with Ant International in August, will enable multinational corporations to settle multi-currency intra-group transactions around the clock, providing improved flexibility and efficiency.
Additionally, conditional payments are designed to improve payment workflows, ensuring funds are allocated and used according to pre-defined criteria. Meanwhile, the programmable rewards feature allows establishments to create customized digital voucher programs, increasing customer engagement and satisfaction.
Lim Son Chong, Head of Global Transaction Services Group at DBS Bank, emphasized that token services empower clients to strengthen business resilience and open up new opportunities for end-user engagement. “These services allow companies and public sector entities to improve liquidity management and streamline operations,” he said.
Using the permissioned blockchain, DBS Bank maintains full control over these services while ensuring compliance with regulatory standards.
This strategic move not only demonstrates DBS' commitment to innovation, but also positions the bank as a leader in blockchain technology and digital banking solutions.
As the financial industry continues to adapt to the demands of the digital economy, DBS Bank Token Services represents forward thinking to meet the needs of its institutional clients.
