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Singapore’s DBS Bank has introduced a new suite of blockchain-powered services for its institutional clients.&nbsp;
In an announcement sent to Cointelegraph, DBS introduced the “DBS Token Services,” which facilitate real-time payment settlements using the bank’s permissioned blockchain.&nbsp;
<a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/permissioned-blockchain-vs-permissionless-blockchain-key-differences" rel="null" target="null" text="null" title="null">Permissioned blockchains</a> are networks with an access layer that allows participants to only interact with a pre-approved level of authority. While these blockchains use distributed ledger technology, they are not fully decentralized.&nbsp;
DBS also previously announced the capabilities of its Ethereum Virtual Machine (EVM) compatible permissioned chain when it <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dbs-bank-ant-international-blockchain-treasury-solution" rel="null" target="null" text="null" title="null">unveiled its blockchain-powered treasury tokens pilot</a> on Aug. 13.&nbsp;
<h2 id="dbs-to-use-smart-contracts-to-govern-funds">DBS to use smart contracts to govern funds</h2>
The bank said that smart contracts would enable institutions to govern funds with predefined conditions, which would enhance security and transparency. DBS wrote:&nbsp;
<blockquote>
 “Using a permissioned blockchain provides DBS full control over these services, enabling the bank to harness the benefits of blockchain technology while adhering to compliance standards.”
</blockquote>
Lim Soon Chong, the group head of global transaction services at DBS Bank, said that a new generation of “always on” banking services is essential to support a shift in demand for digital services.&nbsp;
The executive said that companies and public sector entities are already “reimagining their operating models” and engagement strategies.&nbsp;&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-wallet-dbs-bank-650-million" rel="null" target="null" text="null" title="https://cointelegraph.com/news/ethereum-wallet-dbs-bank-650-million">Singapore's DBS Bank holding $650M Ether? Nansen flags whale holdings</a>
Chong said tokenization and smart contracts allow DBS Token Services to optimize liquidity management and streamline operational workflows for its clients. They unlock new opportunities for end-customer and end-user engagement and strengthen business resilience.
He added that this “marks a significant step forward” in transaction banking and shows how traditional financial institutions can use blockchain technology to provide new services to their clients.&nbsp;
<h2 id="dbs-widens-list-of-blockchain-powered-features">DBS widens list of blockchain-powered features</h2>
In addition to its new token services and treasury tokens pilot, DBS has also introduced other blockchain-related developments in 2024.&nbsp;
On Aug. 22, DBS Bank <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dbs-bank-blockchain-government-grants" rel="null" target="null" text="null" title="null">announced a pilot</a> for blockchain-based government grants. DBS said that the solution enhances governance control and reduces the need for manually processing cash handling.&nbsp;
On Sept. 17, the bank said it would <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dbs-bank-launches-crypto-options-structured-notes" rel="null" target="null" text="null" title="null">launch over-the-counter (OTC) crypto options</a> trading and structured notes for institutional investors. DBS said it would offer products related to Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) and Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) prices.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/3ac-three-arrowz-capitel-edgelord-memecoin-fat-girlfriend-asia-express/" rel="null" target="null" text="null" title="null">Edgelord 3AC’s bet on memecoin supercycle — seeks ‘racist cult leader’: Asia Express</a>

DBS rolls out blockchain-based banking for institutions

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Cointelegraph

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