DBS Bank launches "Token Services" to enable blockchain-based banking

ChainCatcher news, Singapore's DBS Bank has launched a new service called "DBS Token Services," which combines tokenization and smart contract capabilities with its existing banking services.

According to the statement, the DBS Token Services integrate the bank's permissioned blockchain compatible with the Ethereum Virtual Machine, its core payment engine, and multiple industry payment infrastructures.

Additionally, smart contracts enable institutions to programmatically manage the use of funds. Specifically, the new services include Treasury Tokens, Conditional Payments, and Programmable Rewards.

Lyn Shun Chong, Head of Global Transaction Services at DBS Bank, stated that the DBS Token Services allow corporate and public sector entities to "optimize liquidity management, streamline operational workflows, enhance business resilience, and open up new opportunities for end customers or end users."