- DBS Bank Uses Smart Contracts to Disburse Government Grants
- Results of MAS-led Project Orchid
- Collaboration with Ant International
DBS Bank has announced the launch of a new solution that uses blockchain technology to streamline the disbursement of government grants in Singapore.
DBS Bank Uses Smart Contracts to Disburse Government Grants
During the pilot, the Singapore Fintech Association (SFA) disbursed government grants to 27 members. DBS Bank noted that using blockchain-based programmable grants improves efficiency, enhances governance, and allows businesses to access government grants faster. Through DBS' permissioned blockchain, ESG and its intermediaries, like the SFA, can set the program conditions and govern grant disbursements. Once the conditions are met, smart contracts will verify this and automatically disburse the grants. This process improves governance control and reduces the need for intermediaries to manually process cash, enabling businesses to receive government payouts more quickly. DBS’ permissioned blockchain also provides full visibility of the process, ensuring greater transparency.
Results of MAS-led Project Orchid
DBS Bank also noted that the programmable grants pilot applies the firm's learnings from participating in Project Orchid, a digital currency initiative led by the Monetary Authority of Singapore (MAS). The initiative tests the benefits of tokenization with local stakeholders.
Collaboration with Ant International
Previously, DBS Bank collaborated with digital payment provider Ant International on a blockchain-based treasury and liquidity management solution. On August 13, DBS launched its treasury tokens, which Ant will use for liquidity and treasury management. These tokens operate within the bank’s Ethereum Virtual Machine (EVM) permissioned blockchain. The solution was developed using systems created during the company’s participation in another MAS-led digital currency effort, Project Guardian.
The launch of DBS Bank's new blockchain solution demonstrates the potential of this technology to improve efficiency and transparency in government grant distribution.
