This week, Singapore’s largest bank DBS has announced the launch of new ‘Token Services’ for blockchain-based banking as reported by Business Insider.

Singapore’s biggest bank by assets, DBS Bank, has announced a number of new offerings collectively referred to as “DBS Token Services.” This endeavor seeks to increase blockchain solutions for institutional customers. During a statement that DBS provided to The Block earlier last week, it emerged that these innovative banking products encompass tokenization and smart contract capabilities incorporated into DBS banking solutions.

The DBS Token Services incorporate DIG, DBS’ Ethereum Virtual Machine-compatible permissioned blockchain, its core payment platform and other payment systems in the industry. Also, smart contracts provide programability, which can help the institutions keep better control over the funds they use. They include; Treasury Tokens, Conditional Payments and Programmable Rewards.

Lim Soon Chong, the group head of global transaction services at DBS Bank, also noted that the DBS Token Services enable companies and the entities of the public sector, “to improve the liquidity management, operational processes, levels of business operational readiness, and formats of end-customer or end-user engagement.”

In August, DBS brought Treasury Tokens to the market in partnership with Ant International, to help multinational companies to implement Treasury Tokens for seamless strategic transactions. Conditional Payments is also set to be used by the bank in searching for other possibilities, as a way to improve payment processes. Another is clearly exhibited in the Programmable Rewards, which enables institutions to design unique digital voucher schemes.

“By employing the permissioned blockchain model, DBS has full discretion over the said services as the bank can apply blockchain at its full potential without overshooting compliance requirements,” it explained.

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