Singapore’s Biggest Bank Introduces Blockchain-Based Payment Services

In a significant step for the digital finance sector, Singapore's largest bank, DBS, has launched blockchain-based banking services aimed at institutional clients.

The new offering, called DBS Token Services, allows for real-time payment settlements using blockchain technology, marking an important expansion into the space.

The bank is also integrating smart contracts to enhance security and transparency, providing institutions with predefined conditions for fund management. This initiative follows DBS’s earlier move this year when it tested a treasury token pilot, signaling its commitment to exploring blockchain’s potential.

The past year has seen substantial growth in institutional interest in crypto, with major players like BlackRock and Fidelity embracing digital assets in 2024. Now, DBS is advancing this trend by introducing blockchain services that enable secure, permissioned transactions. According to the bank, using a controlled blockchain network helps ensure compliance while leveraging the benefits of the technology.

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Lim Soon Chong, DBS’s head of global transaction services, emphasized the importance of adapting to the growing demand for digital services. He noted that the shift is crucial for providing a seamless, always-on banking experience supported by evolving technology.

Source

Alexander Zdravkov