Singapore’s DBS Bank (DBS) has launched a new set of services called “DBS Token Services” as the bank continues to develop blockchain-based options for institutional clients. DBS said the new banking products integrate tokenization and smart contract capabilities into its existing banking services.
According to the statement, DBS Token Services integrates the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, core payment engine, and multiple industry payment infrastructures. In addition, smart contracts enable institutions to programmatically manage the use of funds.
Lim Soon Chong, head of DBS’s global transaction services group, said DBS Token Services enables companies and public sector entities to “optimize liquidity management, streamline operational processes, enhance business resilience, and open up new opportunities for end-customer or end-user interactions.” (The Block)