DBS Bank launches blockchain platform for institutional clients
DBS Bank has unveiled its new "DBS Token Services" platform, integrating tokenisation and smart contract features into its transaction banking services.
This platform aims to provide institutional clients with a more efficient and secure way to handle transactions by leveraging Blockchain technology.
The DBS Token Services platform operates on a permissioned blockchain, compatible with the Ethereum Virtual Machine, allowing for real-time 24/7 settlement of payments.
By eliminating intermediaries, transaction times are reduced.
Additionally, the platform uses smart contracts to enable institutions to manage funds programmatically, adding control and automation to the process.
Lim Soon Chong, DBS Group Head of Global Transaction Services, explained, “A new generation of 'always-on' banking services is essential to support the shift to on-demand digital services.”
The platform's treasury tokens facilitate instant multi-currency intra-group settlements, offering a more streamlined process for corporations.
Other features include conditional payments, which allow users to set rules for fund disbursement, and programmable rewards, enabling institutions to design digital voucher programs.
DBS Hong Kong is currently part of the Hong Kong Monetary Authority's e-HKD Pilot Program, exploring the use of programmable rewards.
The bank views the launch of Token Services as a significant development following years of research into blockchain technology.
DBS also plans to introduce over-the-counter cryptocurrency options trading and structured notes for institutional investors by Q4 2024.
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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