DBS Bank, the biggest customer bank in Singapore, is opening its DBS Token Services to institutional customers. This program links the bank’s operates to an EVM-compatible blockchain, makingitpossiblefor tokenization and clever agreements.
So far, DBS Bank has yet to remark on a possible rollout to non-institutional customers.
DBS Bank’s New Program
DBS Bank, the biggest customer bank in Singapore, revealed today through press release that it would present blockchain-powered banking. The program, offered to institutional customers, is called DBS Token Services, and it consistsof a range of brand-new functions like tokenization and clever agreements.
Read More: What is Tokenization on Blockchain?
More particularly, DBS Token Services incorporates the bank’s payment channels into an EVM-compatible blockchain. This makesitpossiblefor anumberof brand-new functions by hooking up the bank’s pre-existing “Treasury Tokens” system to clever agreement functions, hence enabling customers to program different unique services.
“By leveraging tokenization and clever agreement abilities, DBS Token Services allows business and public sector entities to enhance liquidity management, simplify functional workflows, reinforce service durability, and unlock brand-new chances for end-customer or end-user engagement. It marks a substantial action forward in deal banking,” Lim Soon Chong, Group Head of Global Transaction Services
This is far from DBS Bank’s initially venture into the crypto area. Two years ago, the company opened up crypto trading to its mostaffluent customers, which influenced its primary rivals to getin the area as well. Additionally, it carriedout a short experiment with the Metaverse last year after it had currently lost mainstream interest.
However, thinkingabout that this function was just offered to customers with at least $246,000 in investible properties, it does plead the concern of whether these services will ever reach personal customers. The press release talksabout tools for “corporate treasurers” and “public sector entities,” however does not reference non-institutional customers.
Read More: Understanding Smart Contracts: Read, Write, and Audit
Nevertheless, this is still a landmark f