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 Singapore’s leading financial institution, DBS Bank, has<a href="https://www.prnewswire.com/in/news-releases/dbs-rolls-out-blockchain-powered-banking-for-institutions-with-dbs-token-services-marks-new-milestone-in-financial-services-302280120.html"> unveiled</a> a new suite of solutions that incorporates tokenization and smart contract capabilities into its existing banking services. 
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The new product, “DBS Token Services,” combines the bank’s Ethereum Virtual Machine (EVM)-compatible permissioned blockchain with its core payment engine and various industry payment systems. This integration enables instant, 24/7 real-time settlements, significantly improving transaction speed and efficiency. Its smart contracts capabilities would also allow institutions to manage fund usage based on predefined conditions. 
The new product suite includes services like Treasury Tokens, Conditional Payments, and Programmable Rewards. The bank claimed these features result from its extensive collaboration and experimentation with digital currency innovations. 
DBS also stated that the offerings demonstrate how financial institutions can harness blockchain and smart contracts to improve client experiences.&nbsp; 
This service’s reliance on its permissioned blockchain allows the bank to retain full control over transactions and ensures compliance with industry regulations. DBS claimed that this approach addresses common concerns regarding data security and regulatory compliance—challenges often faced when integrating blockchain with traditional banking. 
Lim Soon Chong, Group Head of Global Transaction Services at DBS, emphasized the increasing demand for “on-demand digital services.” He noted that businesses and public sector entities are rethinking their operating models and customer engagement strategies to align with the digital transformation. According to Lim, “always-on” banking services are essential in supporting this shift. 
Notably, this move further strengthens DBS’s position in the blockchain and DeFi space as it provides enhanced solutions for both private and public sector entities. The<a href="https://defi-planet.com/2024/08/dbs-launches-blockchain-solution-to-streamline-government-grant-distribution-in-singapore/"> bank recently partnered with Enterprise Singapore and the Singapore Fintech Association</a> to distribute government grants via its permissioned blockchain. This pilot project successfully facilitated grants to 27 local fintech firms, demonstrating the bank’s commitment to leveraging blockchain for secure and efficient public services. 
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The post <a href="https://defi-planet.com/2024/10/dbs-introduces-faster-smarter-banking-solutions-with-new-blockchain-powered-product/">DBS Introduces Faster, Smarter Banking Solutions with New Blockchain-Powered Product</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

DBS Introduces Faster, Smarter Banking Solutions with New Blockchain-Powered Product

DeFi Planet

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