DBS Token Services, which was unveiled following a series of experiments, offers the lender's clients tokenization and smart contract-enabled features including Treasury Tokens, Conditional Payments, and Programmable Rewards.

The technology integrates the bank's permissioned blockchain, which is compatible with the Ethereum Virtual Machine, its main payment engine, and other industry payment infrastructures to enable instantaneous, round-the-clock real-time payment settlement. Furthermore, smart contracts provide organizations the power to programatically control how money is used in accordance with predetermined guidelines.

DBS claims that by employing a permissioned blockchain, it has complete control over these services and can take use of blockchain technology's advantages while still upholding regulatory requirements.

Lim Soon Chong, group head, global transaction services, DBS Bank states: "By leveraging tokenisation and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimise liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement."

With Treasury Tokens, big businesses operating in many marketplaces may rapidly settle multi-currency intra-group transactions around-the-clock, without being limited by traditional banking systems' non-banking hours and currency cut-off times.

Institutions can use conditional payments to automate and restructure whole payment operations. They can also be used to implement milestone-based and various types of intermediated payments.

In the meanwhile, Programmable Rewards seeks to enable partners to efficiently create digital voucher programs for their clientele.