DBS Bank, Singapore’s largest assets under management (AUM) bank, is introducing a suite of services to facilitate blockchain-based banking for its institutional clients.
The product, called DBS Token Service, will incorporate new features such as smart contracts and tokenization into the bank’s existing services.
This move, especially the smart contract feature, will allow institutional investors to control the use of their funds under predefined conditions, with a focus on increasing security and transparency.
Additionally, the token service will help facilitate real-time payments by connecting DBS’s EVM-compatible permissioned blockchain with several payment infrastructures.
DBS Exec highlights service features
In a statement today, Lim Soon Chong, Head of Global Transaction Services at DBS, said the DBS Token Service streamlines operational workflows and optimizes liquidity management for public sectors and enterprises.
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Additionally, he said the service will strengthen business resilience and create new opportunities for end users. The executive emphasized the importance of the latest feat, noting that it shows how traditional financial institutions can leverage blockchain to offer new services to their customers.
The development comes less than two months after DBS partnered with Ant Financial to introduce the Treasury Token. According to an announcement in August, Ant Financial plans to use the system for instant financial management in multiple currencies.
DBS accelerates organizational adoption of cryptographic services
Meanwhile, institutional adoption of cryptocurrencies and blockchain-related services has increased significantly since the beginning of this year. Some companies, such as DBS Bank, continue to develop new initiatives to increase institutional interest in blockchain and cryptocurrencies.
Notably, DBS, which ranks as Singapore’s largest bank with S$743 billion ($566.81 billion) in assets under management, has introduced several blockchain-related projects for institutional clients.
Singapore’s largest bank announced last month that it would launch over-the-counter (OTC) crypto options trading for institutional investors. Scheduled to launch in the fourth quarter of this year, the product will focus on Bitcoin (BTC) and Ethereum (ETH). The launch of this product gives institutional investors exposure to two of the world’s most valuable cryptocurrencies by market capitalization.
Two months after disclosing this development, DBS Bank has launched blockchain-based banking services for institutional customers.
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