• bitcoinBitcoin (BTC) $ 42,977.00 0.18%
  • ethereumEthereum (ETH) $ 2,365.53 1.12%
  • tetherTether (USDT) $ 1.00 0.2%
  • bnbBNB (BNB) $ 302.66 0.19%
  • solanaSolana (SOL) $ 95.44 1.28%
  • xrpXRP (XRP) $ 0.501444 0.1%
  • usd-coinUSDC (USDC) $ 0.996294 0.34%
  • staked-etherLido Staked Ether (STETH) $ 2,367.26 1.4%
  • cardanoCardano (ADA) $ 0.481226 2.68%
  • avalanche-2Avalanche (AVAX) $ 34.37 1.19%
  • bitcoinBitcoin (BTC) $ 42,977.00 0.18%
    ethereumEthereum (ETH) $ 2,365.53 1.12%
    tetherTether (USDT) $ 1.00 0.2%
    bnbBNB (BNB) $ 302.66 0.19%
    solanaSolana (SOL) $ 95.44 1.28%
    xrpXRP (XRP) $ 0.501444 0.1%
    usd-coinUSDC (USDC) $ 0.996294 0.34%
    staked-etherLido Staked Ether (STETH) $ 2,367.26 1.4%
    cardanoCardano (ADA) $ 0.481226 2.68%
    avalanche-2Avalanche (AVAX) $ 34.37 1.19%
image-alt-1BTC Dominance: 58.93%
image-alt-2 ETH Dominance: 12.89%
image-alt-3 BTC/ETH Ratio: 26.62%
image-alt-4 Total Market Cap 24h: $2.51T
image-alt-5Volume 24h: $144.96B
image-alt-6 ETH Gas Price: 16 Gwei
 

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Singapore’s DBS Bank Starts New Suite of Tokenized Banking Services for Institutional Clients

The Singaporean banking giant wants to help clients optimize liquidity management and streamline operational..

  • DBS Token Services will offer instant real-time settlement of payments.
  • The bank is also exploring a treasury and liquidity management solution with Ant Financial.

Singapore-based DBS Bank has announced a new suite of banking services, integrating tokenization and smart contract-enabled capabilities for institutional clients.

The DBS Token Services will offer instant, real-time payment settlement through the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine, and multiple industry payment infrastructures.
Permissioned blockchains, which allow the creator more control over who can access a blockchain, are often used by businesses and governments instead of open, permissionless blockchains. DBS said its use would allow it to harness the benefits of blockchain technology while adhering to compliance standards.

“To capture the massive shift of human and corporate activity to on-demand digital services, companies and public sector entities are reimagining their operating models and customer engagement strategies. A new generation of ‘always-on’ banking services is essential to support this shift and transformation.” said Lim Soon Chong, Group Head of Global Transaction Services at DBS Bank.



He added that DBS Token Services would allow companies and public sector entities to optimize liquidity management and streamline operational workflows, as well as strengthen business resilience and unlock new opportunities for end-customer or end-user engagement.

“It marks a significant step forward in transaction banking and demonstrates how established financial institutions can leverage blockchain technology to deliver new ground-breaking features and experiences,” he added.
The announcement follows several moves by the bank to further integrate blockchain solutions into its offering, though many of its projects remain in the pilot stage. It recently launched Treasury Tokens – a treasury and liquidity management solution, as part of a pilot with Ant International.

ANOTHER MUST-READ: South Korea fines Worldcoin and Tools For Humanity for data privacy violations

It also ran a pilot with Enterprise Singapore and Singapore Fintech Association into conditional payments, which it believes opens up new possibilities for smart contracts to improve payment workflows.

Additionally, DBS plans to explore using smart contracts for digital voucher programs, including as part of the second phase of the Hong Kong Monetary Authority’s e-HKD Pilot Program. Users who complete green actions will receive new digital vouchers, which can be used to purchase green products and services at designated small and medium-sized merchants.
Natalie Baker, for ICN dot live

 

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