DBS Unveiled New Token Services For Banking Purposes

DBS has launched DBS Token Services, a new set of banking tools that use tokenization and smart contracts. These tools will help big companies handle transactions more easily and improve their work.

According to the update, DBS Token Services enables instant payments and is accessible 24 hours a day, seven days a week. The bank’s special blockchain links with payment platforms.

DBS Token Services Offers Treasury Tokens, Rewards, And Conditional Payments

DBS revealed that its Token Services was created after it partnered with businesses to create new financial ideas for years. The services recently launched include Treasury Tokens, Programmable Rewards, and Conditional Payments. The bank said explains how financial institutions can use blockchain to provide new and quality services to clients.

Lim Soon Chong, the leader of Global Transaction Services at DBS, stated that companies are changing the way they serve users as more people and businesses switch to digital services. He said always-on banking is necessary for smooth operations.

Chong added that DBS Token Services uses tokenization and smart contracts to assist businesses in managing funds more effectively. He predicted that these services will improve operations, and help businesses find new ways to connect with customers.

DBS recently tested its Treasury Tokens with Ant International. This new tool helps large companies move money between different countries quickly without needing to follow the usual banking hours or currency timings.

Treasury Tokens give companies more control and a clear view of their money. They help these firms to deal with the fast pace of today’s real-time economy.

DBS Aims To Enhance Conditional Payments

DBS announced that it is working to expand Conditional Payments. This tool was tested earlier with Enterprise Singapore. Conditional Payments use smart contracts to control when and how funds are paid, giving businesses better control and efficiency.

In addition, DBS is testing Programmable Rewards, which helps companies create digital voucher programs for their customers. These vouchers are easy to use and cost-effective for businesses.

DBS Hong Kong is taking part in the e-HKD Pilot Programme by the Hong Kong Monetary Authority. The trial examines how programmable rewards and a digital Hong Kong dollar could encourage eco-friendly projects. The company said customers who complete green actions can get vouchers to purchase eco-friendly goods.

Since 2016, DBS has worked on several significant projects with the Monetary Authority of Singapore to investigate how blockchain can benefit Singapore’s banking system. According to the update, DBS Token Services will expand to cover new areas like securities and trade finance, showing DBS’s commitment to a stronger and more modern banking system.