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DBS rolls out blockchain-powered banking for institutions with DBS Token Services, marks new milestone in financial services

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DBS Token Services integrates blockchain-enabled capabilities with the bank’s core transaction banking services to deliver new client experiencesKey solutions include Treasury Tokens, Conditional Payments and Programmable RewardsDBS Token Services is the culmination of several industry pilots; marks next phase in the industrialisation of blockchain technology

SINGAPORE, Oct. 18, 2024 /PRNewswire/ — DBS today announced the introduction of DBS Token Services – a new suite of banking services that integrate tokenisation and smart contract-enabled capabilities with its award-winning banking services. It aims to unlock new transaction banking capabilities and operating efficiencies for its institutional clients.

DBS Token Services unlocks instant, 24/7 real-time settlement of payments by integrating the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures. In addition, smart contracts enable programmability for institutions to govern the use of funds according to predefined conditions, enhancing security and transparency. Using a permissioned blockchain provides DBS full control over these services, enabling the bank to harness the benefits of blockchain technology while adhering to compliance standards.

The culmination of several years of industry collaborations and experimentation in digital money innovations, the suite of solutions – Treasury Tokens, Conditional Payments, and Programmable Rewards – exemplifies how established financial institutions can leverage blockchain technology and smart contracts to deliver new client experiences.

Lim Soon Chong, Group Head of Global Transaction Services, DBS Bank, said: “To capture the massive shift of human and corporate activity to on-demand digital services, companies and public sector entities are reimagining their operating models and customer engagement strategies. A new generation of “always-on” banking services is essential to support this shift and transformation.”

“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. It marks a significant step forward in transaction banking and demonstrates how established financial institutions can leverage blockchain technology to deliver new ground-breaking features and experiences,” he added.

Treasury Tokens: Solving for traditional treasury frictions

DBS recently launched Treasury Tokens, a next-generation treasury and liquidity management solution, in a pilot with Ant International. This solution currently supports ongoing intra-group transfers within Ant International.

Treasury Tokens empowers large corporations operating across multiple markets to settle multi-currency intra-group transactions instantly on a 24/7 basis, unconstrained by currency cut-off timings and non-banking hours associated with traditional banking systems.  Treasury Tokens provide corporate treasurers with greater visibility, predictability and control as they navigate the complexities of an increasingly real-time world.

Conditional Payments: Smarter payments and workflows

Building upon DBS’ recent programmable grant disbursements pilot with Enterprise Singapore and Singapore Fintech Association, DBS will explore the further application of Conditional Payments, opening up new possibilities for smart contracts to improve payment workflows. The pilot demonstrated the ability to programme conditions governing the disbursement of funds, providing the agency with enhanced governance control over disbursements handled by its appointed intermediary.

Conditional Payments offer institutions the potential to redesign and automate overall payment workflows and can be extended to varying forms of intermediated payments and milestone-based payments. Institutions and their partners can expect to benefit from greater transparency, operating efficiencies and control in transactions.

Programmable Rewards: the future of digital rewards and vouchers

DBS will also be exploring the application of smart contracts for Programmable Rewards. The solution enables institutions to leverage on programmability to curate digital voucher programmes for their customers in a cost-effective manner.

As part of this exploration, DBS Hong Kong recently announced its participation in the second phase of the Hong Kong Monetary Authority’s e-HKD Pilot Programme. DBS’ pilot aims to examine the use of programmable rewards and a hypothetical e-HKD – a digital Hong Kong dollar – to enhance a consumer incentive programme on an Environmental, Social, and Governance (ESG) reward platform. Participating corporates can create ESG campaigns and set redemption guidelines to foster a green corporate culture and promote participation. Users who complete green actions will receive new digital vouchers, which can be used to purchase green products and services at designated small and mediums-sized merchants.

DBS: Shaping the future of finance

Since 2016, DBS has been a driving force in several industry initiatives led by the Monetary Authority of Singapore to explore the potential of blockchain technology in enhancing Singapore’s financial landscape. Key initiatives include Project Ubin[1], Project Orchid[2] and Project Guardian[3].

DBS Token Services continues to explore broader applications of blockchain-enabled solutions, including the tokenisation of securities and digitalisation of trade finance. These innovations reflect DBS’ ongoing commitment to building a more robust and innovative banking landscape.

[1] Project Ubin is a multi-year multi-phase project, with each phase aimed at solving pressing challenges faced by the financial industry and the blockchain ecosystem. The project successfully concluded in 2020 after five phases and the publication of six project reports.

[2] Project Orchid is a multi-year multi-phase project led by the Monetary Authority of Singapore to develop the technology infrastructure and technical competencies necessary for a digital Singapore dollar. As part of Project Orchid, the Purpose Bound Money (PBM) protocol is developed to investigate the potential benefits of programmability in digital money. PBM is a protocol which specifies the conditions upon which funds can be disbursed when conditions are met.

[3] Project Guardian is a collaborative initiative between policymakers and the financial industry to enhance liquidity and efficiency of financial markets through asset tokenisation.

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 16 consecutive years from 2009 to 2024.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

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SOURCE DBS BANK LTD

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The Power of Datafication, a handbook on enterprise digital transformation, was officially released

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October 18, 2024

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FRANKFURT, Germany, Oct. 18, 2024 /PRNewswire/ — On October 17, 2024, The Power of Datafication made its debut at Frankfurter Buchmesse, the premier global book fair, organized by Digital China. The insightful tome, published by LID Publishing, offers a comprehensive global outlook and examines China’s digital transformation landscape. Authored by Guo Wei, a prominent business leader in the global technology sector and a digital transformation strategist, the book presents an AI-driven Data Cloud Integration in an innovative way.

The Power of Datafication has been hailed as a landmark in the digital era. In a groundbreaking move, Guo Wei argues that the digital era is not a mere extension of the industrial age, but the emergence of an entirely new one.

Moreover, Guo Wei, leveraging his three decades of proficiency in China’s digital transformation journey, identifies four avenues for business digitization. His insights empower business leaders to grasp the essence of digitalization and excel in the digital epoch. Serving as a bespoke reference framework and practical guide, the book is an invaluable tool for global businesses navigating the digital tide and a must-read for anyone striving for innovation and excellence.

F. Warren McFarlan, Albert H. Gordon Professor of Business Administration and Emeritus Professor at Harvard University, remarked that The Power of Datafication is heavily informed by technology applications being developed both in China and the West.  It stands as an invaluable resource for strategic planners and CEOs.

In the preface, Julian Birkinshaw, former Professor of Strategy and Entrepreneurship at London Business School, emphasized that Guo Wei’s insights on Data Cloud Integration, middle platforms, and AI generated content are particularly notable in discussing the way AI will actually change the business world.

The Power of Datafication positions AI-driven Data Cloud Integration as a game-changing innovation in information technology, one that is likely to drive new developments worldwide. It integrates excellence from a myriad of companies and academic institutions in the United States, Australia, and Europe, stands as a beacon of thought that inspires innovation.

Since its debut in June 2022, the Chinese edition has sold nearly 100,000 copies, consistently topping book sales charts and claiming dozens of prestigious book awards. It has emerged as one of China’s most renowned and popular works on business digital transformation. This launch marks the book’s first translation and international publication.

Photo – https://mma.prnewswire.com/media/2534354/Digital_China_guowei.jpg

View original content:https://www.prnewswire.co.uk/news-releases/the-power-of-datafication-a-handbook-on-enterprise-digital-transformation-was-officially-released-302280288.html

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U.S. Department of Energy Awards Highland Electric Fleets’ Project Approximately $10.9 Million in Cost-share Funding to Accelerate Vehicle-to-Grid Services

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October 18, 2024

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BEVERLEY, Mass., Oct. 18, 2024 /PRNewswire/ — The U.S. Department of Energy (DOE)’s Grid Deployment Office has selected the Scaling Vehicle-to-Grid (V2G) Integration Nationally (SVIN) project to receive approximately $10.9 million in cost-share funding to accelerate V2G adoption across the country. The project – a partnership between Highland Electric Fleets, the leading provider of school bus fleet electrification-as-a-service, 12 utility providers, and other supporting partners and educational institutions will deploy 14 V2G pilot projects nationwide utilizing electric school buses.

V2G technology allows electric vehicles to discharge energy back to the grid when utilities need it and can provide emergency support to buildings and community centers. As mobile distributed batteries, V2G-enabled vehicles can enhance grid flexibility and resilience, reduce expensive distribution system upgrades, decrease peaker plant emissions, and increase renewable energy integration. To date, V2G deployment has not scaled nationally due to a lack of utility programs that recognize the value of V2G services. The SVIN project’s goal is to provide utilities and their regulators with the experience and data necessary to create and accelerate commercial V2G programs. 

“Highland Electric Fleets has pioneered V2G projects that help stabilize the grid and provide emergency power using electric school buses—an ideal vehicle for V2G services due to their prevalence, consistent short trips, and long dwell times,” said Matt Stanberry, VP of Market Development at Highland Electric Fleets. “Now, with this generous grant provided by the U.S. Department of Energy and in collaboration with our utility partners, we can further demonstrate how V2G can help ensure communities have access to affordable and reliable electricity when and where they need it.” 

The funds are part of the Grid Resilience and Innovation Partnerships (GRIP) Program, the federal government’s single largest direct investment into critical grid infrastructure. Funded through the Bipartisan Infrastructure Law and administered by DOE’s Grid Deployment Office, the GRIP Program leverages federal and private investments to support a reliable grid that is prepared for extreme weather while also delivering affordable, clean energy and creating local economic opportunities.

“As extreme weather events continue to stress electric systems across the country, the Biden-Harris Administration is using every tool in the toolbox to make sure America’s power grid can provide reliable, affordable power,” said Maria Robinson, Director, Grid Deployment Office, U.S. Department of Energy. “Highland Electric Fleet’s innovative collaboration with utilities to deploy V2G technologies will enhance grid flexibility and resilience, reduce expensive distribution system upgrades, and increase clean energy integration while ensuring customers have access to affordable and reliable electricity.”

The SVIN program will build a series of V2G electric school bus pilots with Highland, its project team, and utility partners from around the country so that the utilities can use the experience to design programs. Based on the pilots, SVIN will develop a V2G Policy and Program Toolkit, providing scalable utility program designs and best practices for implementing V2G technology. Additionally, SVIN will create data-driven, standardized metrics to assess the value of V2G assets. By integrating real-time data from utilities and vehicle operators, SVIN aims to help grid operators optimize program design to better serve their customers. Highland will draw on its own expertise and experience, as well as leverage technical partner Dynamic Organics, and policy and program experts Tierra Resource Consulting, The Climate Center, Colorado State University, and Zero Net Energy Alliance.

The project will support an estimated 778 construction, installation, and utility jobs, drawing resources from local unions, utility teams, and fleet operators. Seven project sites are located in Disadvantaged Communities, and four will add vehicle-to-building capacity along with some combination of storage and solar to support community centers.

To learn more, visit the U.S. Department of Energy Grid Deployment Office’s website.

About Highland Electric Fleets
Highland Electric Fleets is the leading provider of electrification-as-a-service for school districts, governments, and fleet operators in North America. Founded in 2019, Highland offers a unique suite of products that make it simple and affordable to upgrade to electric fleets today. Active in 30 states and Canada, Highland is responsible for the first use of electric school buses in a commercial vehicle-to-grid (V2G) program and the largest electric school bus project in the United States to date. To learn more, visit www.highlandfleets.com.

Media Contacts
Chris Orlando | Highland
Chris.Orlando@highlandfleets.com

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SOURCE Highland Electric Fleets

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Race to the Top: Bybit Adds $1 Million to WSOT 2024 Prize Pool – Final Days to Register!

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October 18, 2024

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DUBAI, UAE, Oct. 18, 2024 /CNW/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, makes another statement in rewarding excellence in trading. The exchange has added 1,000,000 USDT for top performing squads in the World Series of Trading (WSOT). This latest boost will reward 27 additional teams on the Squad Leaderboard and Regional Squad Leaderboards, giving more squads a better chance to claim exclusive rewards up to 10% of the total WSOT prize pool.

From now to Oct. 31, 10AM UTC, the best performing squads may get a head start in their race to unlock a 1,000,000 USDT prize pool. The prestigious prizes are reserved for elite players for a limited time only. Expanding the rewards spectrum for extraordinary yield seekers outside of the top ten and top three lists, the freshly unlocked prize pool gives more high-performing teams their due recognition, and a chance to secure bigger awards.

New Booster Prize Pool Breakdown

1.Squad Leaderboard by PnL(%)

Ranks 11-20: 21,000 USDT per squadRanks 21-30: 16,000 USDT per squad

2.Regional Squad Leaderboards by PnL(%)

Ranks 4-10 in each region: 10,000 USDT per squad

WSOT 2024: Higher Stakes, Bigger Rewards

Squads leading the competition now face even higher stakes. The last ones standing in top positions throughout the remaining days stand to earn significantly more, thanks to the expanded prize structure.

Since its launch, WSOT has become the premier crypto trading competition, with one breakout year after another. In 2024, the total prize pool increased by 2,000,000 USDT, reaching a record 10,000,000 USDT, making WSOT not only the longest running competition of its kind in crypto, but also the most rewarding rendition by far. With 13 days remaining in the competition period of WSOT, over 70,000 participants have already unlocked more than 60% of the total pool as of Oct. 18.

Final registration for WSOT 2024 closes in two days. Sign up for crypto‘s flagship trading competition for a chance to claim a share of the 10,000,000 USDT prize pool: WSOT 2024.

#Bybit / #TheCryptoArk / #WSOT2024

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For more information, please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

View original content to download multimedia:https://www.prnewswire.com/news-releases/race-to-the-top-bybit-adds-1-million-to-wsot-2024-prize-pool–final-days-to-register-302280246.html

SOURCE Bybit

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