DBS rolls out blockchain-based banking for institutions

CoinMarketCap18:54

Singapore’s DBS Bank has introduced a new suite of blockchain-powered services for its institutional clients. In an announcement sent to Cointelegraph, DBS introduced the “DBS Token Services,” which ...

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While these blockchains use distributed ledger technology, they are not fully decentralized.DBS also previously announced the capabilities of its Ethereum Virtual Machine  compatible permissioned chain when it unveiled its blockchain-powered treasury tokens pilot on Aug. 13.“Using 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.”Lim Soon Chong, the group head of global transaction services at DBS Bank, said that a new generation of “always on”","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BTC":"Grayscale Bitcoin Mini Trust","ETH":"Grayscale Ethereum Mini Trust","EVM":"Eaton Vance California Municipal","DBS":"Invesco DB Silver Fund"},"translate_title":"星展银行为机构推出基于区块链的银行业务","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTC":1,"DBS":1,"ETH":1,"EVM":1},"content_text":"Singapore’s DBS Bank has introduced a new suite of blockchain-powered services for its institutional clients. \nIn an announcement sent to Cointelegraph, DBS introduced the “DBS Token Services,” which facilitates real-time payment settlements using the bank’s permissioned blockchain. \nPermissioned blockchains are networks with an access layer that allows participants to only interact with a pre-approved level of authority. While these blockchains use distributed ledger technology, they are not fully decentralized. \nDBS also previously announced the capabilities of its Ethereum Virtual Machine (EVM) compatible permissioned chain when it unveiled its blockchain-powered treasury tokens pilot on Aug. 13. \nDBS to use smart contracts to govern funds\nThe bank explained that smart contracts would enable institutions to govern funds with predefined conditions. DBS said that this would enhance security and transparency. DBS wrote: \n\n “Using 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.”\n\nLim Soon Chong, the group head of global transaction services at DBS Bank, said that a new generation of “always on” banking services is essential to support a shift in demand for digital services. \nThe executive said that companies and public sector entities are already “reimagining their operating models” and engagement strategies.  \nRelated: Singapore's DBS Bank holding $650M Ether? Nansen flags whale holdings\nChong also believes that tokenization and smart contracts allow DBS Token Services to optimize liquidity management and streamline operational workflows for its clients. The executive also said that they unlock new opportunities for end-customer and end-user engagement and strengthen business resilience. \nThe executive believes that this “marks a significant step forward” in transaction banking and shows how traditional financial institutions can use blockchain technology to provide new services to their clients. \nDBS widens list of blockchain-powered features\nIn addition to its newly unveiled token services and treasury tokens pilot, DBS has also introduced other blockchain-related developments in 2024. \nOn Aug. 22, DBS Bank announced a pilot for blockchain-based government grants. DBS said that the solution enhances governance control and reduces the need for manually processing cash handling. \nOn Sept. 17, the bank announced it would launch over-the-counter (OTC) crypto options trading and structured notes for institutional investors. DBS said it would offer products related to Bitcoin (BTC) and Ether (ETH) prices.\nMagazine: Edgelord 3AC’s bet on memecoin supercycle — seeks ‘racist cult leader’: Asia Express","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.0","shortVersion":"4.29.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2476895032"}