In what is a massive move for the digital asset sector, DBS, the largest bank in Singapore, has officially launched new faces to enable blockchain-based banking. Indeed, the bank has begun the rollout of DBS Token Services to allow real-time payment settlements on blockchain.

Additionally, the bank has announced it will use smart contracts for both security and transparency purposes. These services are set to be used by its institutional clients and represent yet another venture into the industry for the bank. Earlier this year, they unveiled a treasury token pilot.

Also Read: Singapore’s DBS Bank To Roll Out Bitcoin, Ethereum Options Trading

DBS Announces Blockchain-Based Banking for Institutional Clients

This year has been massive for the institutional adoption of crypto. Bitcoin has finally become a viable economic facet for banks and other entities. In 2024, asset managers like BlackRock and Fidelity embraced the crypto like never before. The move looks to create a new shift in the perception of these digital assets.

That has continued this week. DBS, the largest bank in Singapore, has announced that it is launching blockchain-based banking services for its institutional clients. Specifically, they are rolling out DBS Token Services, which will allow real-time payment settlements to take place on a permissionless blockchain.

Also Read: DBS Bank Expands Crypto Offerings with Digital Yuan Payment Tool

The bank has said that it will use smart contracts to allow the governance of funds by institutions. They will be given certain conditions, with the focus on enhancing both security and transparency measures.

“Using a permissioned blockchain provides DBS full control over these services,” the bank told CoinTelegraph. DBS says the move will enable “the bank to harness the benefits of blockchain technology while adhering to compliance standards.

The bank’s head of global transaction services, Lim Soon Chong, said the move was a necessity. As the demand for digital services grows, banks have to shift with the time. For Chong, this means facilitating an “always on” banking service that leverages new and developing technologies.