Singapore’s DBS introduces ‘Token Services’ to enable blockchain-based banking

DBS Bank, the largest bank in Singapore by assets, has rolled out a suite of new services dubbed “DBS Token Services.” DBS claims that the new financial solutions combine tokenization and smart contract capabilities with its existing banking services. 

DBS rolls out blockchain-based banking for institutions

The DBS Token Services have seamlessly integrated the bank’s Ethereum Virtual Machine-compatible permissioned blockchain with its core payment engine and various industry payment infrastructures. 

Lim Soon Chong, the group head of global transaction services at DBS Bank, said DBS Token Services empowers companies and public sector entities to optimize liquidity management.

Lim Soon adds that DBS Token Services will help streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement.

On August 22, DBS Bank unveiled a pilot program focused on blockchain technology for government grants. DBS said the solution improves governance control and minimizes the necessity for manual cash-handling processes.

On September 17, the bank announced its plans to launch over-the-counter (OTC) crypto options trading and structured notes tailored for institutional investors. DBS announced that it planned to provide offerings linked to the price movements of Bitcoin and Ether.