The DBS token service integrates the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, core payments engine, and multiple industry payments infrastructure.
Additionally, smart contracts enable institutions to programmatically manage the use of funds. Lim Soon Chong, group head of global transaction services at DBS Bank, said the DBS token service enables companies and public sector entities to optimize liquidity management, streamline operational processes, enhance business resilience, and unlock new possibilities for end-customer or end-user interactions.
Singapore’s DBS Bank launched new services called “DBS Token Services” as they continue to develop blockchain-based options for institutional customers. The new banking products will integrate tokenization and smart contract capabilities into its existing banking services.
