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DBS Enables Blockchain-Powered Banking Service for Institutions

DBS Enables Blockchain-Powered Banking Service for Institutions

DailyCoinDailyCoin2024/10/20 09:10
By:DailyCoin
  • DBS Bank has launched new blockchain-based services.
  • The services target specific clients.
  • Their launch followed the bank’s move to offer OTC options trading for Bitcoin and Ether in Q4.

Singaporean multinational banking corporation DBS Bank has rolled out a new suite of services that integrate blockchain technology with its core financial infrastructure.

The development came a month after the bank announced its plan to offer over-the-counter (OTC) options trading and structured notes linked to Bitcoin and Ether for institutional clients. DBS said the service would launch in Q4 2024, making it the first Asian-headquartered bank to provide crypto-linked financial products.

DBS Token Services

In an announcement on October 18, DBS introduced its DBS Token Services, which the bank said would drive new transaction banking capabilities and efficiencies for its institutional clients.

Sponsored

The suite of solutions, including Treasury Tokens, Conditional Payments, and Programmable Rewards, support 24/7 real-time settlements by integrating the bank’s Ethereum Virtual Machine-compatible permissioned blockchain and multiple industry payment infrastructures.

DBS said using a permissioned blockchain gave it full control over the services, enabling it to reap the benefits of distributed ledger technology while adhering to compliance standards.

Additionally, institutions will leverage smart contracts to govern the use of funds according to preset conditions, underscoring the bank’s commitment to security and transparency.

Lim Soon Chong, DBS Bank’s Group Head of Global Transaction Services, lauded the development, noting that it marked a significant leap forward in transaction banking and demonstrated how financial institutions can leverage blockchain technology to deliver new experiences.

“By leveraging tokenisation and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimise liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement,” Chong stated.

DBS has participated in several industry initiatives the Monetary Authority of Singapore led to explore blockchain’s potential in the financial landscape, including Project Ubin, Project Orchid, and Project Guardian.

Read how Taiwan approved foreign crypto ETFs for professional investors:
Taiwan Approves Foreign Crypto ETFs for Professional Investors

Stay updated on VanEck’s new Ether price prediction:
VanEck Slashes 2030 Ethereum Price Target from $22K to $7.3K: Here’s Why

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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