{"id":96853,"date":"2024-10-18T07:33:09","date_gmt":"2024-10-18T11:33:09","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=96853"},"modified":"2024-10-18T07:34:14","modified_gmt":"2024-10-18T11:34:14","slug":"dbs-introduces-blockchain-based-banking","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/dbs-introduces-blockchain-based-banking\/","title":{"rendered":"DBS Introduces Blockchain-Based Banking for Institutions"},"content":{"rendered":"\n

DBS Bank has announced “DBS Token Services” for real-time blockchain payment<\/a> settlements, which use smart contracts to improve security and transparency.<\/p>\n\n\n\n

\"DBS<\/figure>\n\n\n\n

Singapore's DBS Bank\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has launched a new range of blockchain-powered services for its institutional clients. <\/p>\n\n\n\n

In an announcement shared, DBS introduced the \u201cDBS Token Services,\u201d which enable real-time payment settlements via the bank's permissioned blockchain.<\/p>\n\n\n\n

Permissioned blockchains are networks with restricted access, allowing participants to interact only with a pre-approved authority level. While they use distributed ledger technology, they are not fully decentralized.<\/p>\n\n\n\n

Previously, DBS had highlighted its Ethereum Virtual Machine (EVM) compatible permissioned blockchain when it rolled out its blockchain-powered treasury tokens pilot on August 13.<\/p>\n\n\n\n

Smart Contracts for Managing Funds<\/h2>\n\n\n\n

DBS explained that smart contracts will allow institutions to govern funds under predefined conditions, improving security and transparency. The bank noted:<\/p>\n\n\n\n

\n

\u201cUsing 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.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Lim Soon Chong, head of global transaction services at DBS Bank, emphasized the need for “always-on” banking services to meet the growing demand for digital solutions. <\/p>\n\n\n\n

He noted that businesses and public sector entities are already “reimagining their operating models” and engagement strategies.<\/p>\n\n\n\n

Chong also highlighted that tokenization and smart contracts<\/a> in DBS Token Services would help optimize liquidity management and streamline operational processes for clients, while opening new opportunities for customer engagement and strengthening business resilience.<\/p>\n\n\n\n

He remarked that this development \u201cmarks a significant step forward\u201d in transaction banking and demonstrates how traditional financial institutions can use blockchain to offer new services.<\/p>\n\n\n\n

Expanding Blockchain-Powered Features<\/h2>\n\n\n\n

In addition to the newly launched token services and treasury tokens pilot, DBS has made several other blockchain advancements in 2024. <\/p>\n\n\n\n

On August 22, the bank announced a pilot for blockchain-based government grants, which it said would improve governance and reduce the need for manual cash handling.<\/p>\n\n\n\n

On September 17, DBS revealed plans to launch over-the-counter (OTC) crypto options trading and structured notes for institutional investors, offering products tied to Bitcoin and Ether prices.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

DBS Bank has announced “DBS Token Services” for real-time blockchain payment settlements, which use smart contracts to improve security and transparency. Singapore’s DBS Bank has launched a new range of blockchain-powered services for its institutional clients. In an announcement shared, DBS introduced the \u201cDBS Token Services,\u201d which enable real-time payment settlements via the bank’s permissioned […]<\/p>\n","protected":false},"author":56,"featured_media":96855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12094,568,202,931],"class_list":["post-96853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adoption-2","tag-banking","tag-blockchain","tag-singapore"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/DBS-Introduces-Blockchain-Based-Banking-for-Institutions.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/96853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=96853"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/96853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/96855"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=96853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=96853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=96853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}