DBS Bank, the largest consumer bank in Singapore, is opening its DBS Token Services to institutional clients. This program connects the bank’s functions to an EVM-compatible blockchain, enabling tokenization and smart contracts.

So far, DBS Bank has yet to comment on a possible rollout to non-institutional clients.

DBS Bank’s New Program

DBS Bank, the largest consumer bank in Singapore, announced today via press release that it would introduce blockchain-powered banking. The program, available to institutional clients, is called DBS Token Services, and it includes a variety of new features like tokenization and smart contracts.

Read More: What is Tokenization on Blockchain?

More specifically, DBS Token Services integrates the bank’s payment channels into an EVM-compatible blockchain. This enables several new functions by hooking up the bank’s pre-existing “Treasury Tokens” system to smart contract features, thus allowing clients to program various novel solutions.

“By leveraging tokenization and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimize liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement. It marks a significant step forward in transaction banking,” Lim Soon Chong, Group Head of Global Transaction Services

This is far from DBS Bank’s first foray into the crypto space. Two years ago, the firm Go to Source to See Full Article
Author: Landon Manning