S’pore bank makes it easier for organisations to launch digital vouchers with smart contracts
DBS is tapping technologies such as blockchain, tokenisation and smart contracts for the new generation of “always-on” banking solutions
Issuing digital vouchers and rewards could soon be easier for organisations in Singapore.
In July 2025, DBS launched programmable rewards, a digital voucher solution accessible through its mobile wallet. Powered by smart contracts, the vouchers can be programmed with specific conditions such as where or when they can be used. These are automatically verified when a customer utilises the voucher.
DBS said its programmable rewards are integrated with existing infrastructure such as Nets QR under Singapore’s payment system SGQR, connecting millions of consumers to a wide network of merchants and enabling curated digital voucher programmes at scale.
The solution is part of DBS Token Services, which leverage tokenisation – converting real-world assets into digital tokens on the blockchain – and smart contracts.
Tapping next-gen tech
The rise of on-demand digital services, such as e-commerce, is prompting businesses and public sector entities to rethink how they operate and engage customers, observed Lim Soon Chong, group head of Global Transaction Services at DBS Bank.
“A new generation of ‘always-on’ banking services is essential,” he said, with technologies such as blockchain, tokenisation and smart contracts holding “immense potential” to drive this shift.
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DBS, JPMorgan, Standard Chartered and Temasek are founding shareholders of Partior, a blockchain-based settlement network for real-time cross-border multi-currency payments. Partior was launched in 2021.
In September 2025, DBS joined a consortium of banks to support a new blockchain-based digital shared ledger being developed by the Society for Worldwide Interbank Financial Telecommunication (Swift), a secure messaging system used by banks.
The ledger aims to provide a secure, real-time log of transactions between financial institutions by recording, sequencing, and validating transactions on the blockchain to facilitate faster and more secure round-the-clock cross-border payments.
“A resilient and comprehensive global payment infrastructure is a public good that the world needs,” Lim said, adding that the bank will continue expanding its capabilities and collaboration with partners to improve connectivity.
Enhancing the ecosystem
Asia’s payment landscape is highly fragmented, noted Sanjoy Sen, group head of Consumer Bank at DBS Bank, and that’s where the bank adds value.
“We’ve built one of the region’s widest networks of instant and same-day cross-border payment options,” he said, “so our customers can send money however and wherever they want, with full transparency.”
The bank aims to simplify cross-border payments with solutions including:
- For consumers: DBS PayLah!, its mobile wallet that is linked to regional payment systems including DuitNow in Malaysia and PromptPay in Thailand, and UnionPay International’s network of 31 million retailers in 45 markets; DBS Remit, a cross-border payment solution with same-day transfers to over 50 destinations; and multi-currency accounts with debit cards that provide access to 13 currencies instantly with no FX conversion fees.
- For businesses: DBS Globesend, which covers 132 currencies across 190 markets, allows companies to send and receive funds globally.
- For financial institutions: DBS’ direct participation in seven of Asia’s largest currency clearing systems – in Singapore, China, Hong Kong, Taiwan, India, Indonesia and Vietnam – provides financial institutions’ customers with access into key Asian economies.
This was produced in partnership with the Monetary Authority of Singapore and the Global Finance & Technology Network.
For more stories, go to https://bt.sg/sff2025
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