DBS launches 'token service' to enable blockchain-based banking

BlockBeats news, October 18, according to The Block, Singapore DBS Bank (DBS) launched a series of new services called "DBS Token Services", the bank continues to develop blockchain-based options for institutional clients. DBS said these new banking products will integrate tokenization and smart contract capabilities into its existing banking services.

According to the statement, DBS Token Services integrates the bank's permissioned blockchain compatible with the Ethereum Virtual Machine, core payment engine, and multiple industry payment infrastructures. In addition, smart contracts enable institutions to programmatically manage the use of funds.

Lim Soon Chong, head of DBS Bank's global transaction services group, said that DBS token services enable companies and public sector entities to "optimize liquidity management, simplify operational processes, enhance business resilience, and open up new opportunities for interactions with end customers or end users."