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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.

View original content:https://www.prnewswire.com/apac/news-releases/dbs-rolls-out-blockchain-powered-banking-for-institutions-with-dbs-token-services-marks-new-milestone-in-financial-services-302280078.html

SOURCE DBS BANK LTD

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Aristocrat Gaming™ Begins Expanded Launch of NFL-Themed Slot Machine Franchise with 13-Casino Event in Puerto Rico

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NFL Triple Score™ now live on Jackpot del Encanto™ link, marked by ribbon cutting ceremony January 22 at Casino del Mar

SAN JUAN, Puerto Rico, Jan. 22, 2025 /PRNewswire/ — Following the historic North American launch of the NFL-themed portfolio, Aristocrat Gaming has now begun to launch its player-favorite NFL Slots franchise outside of the continental U.S. with a 13-casino debut on the Jackpot del Encanto link in Puerto Rico.

Aristocrat Gaming™ Begins Expanded Launch of NFL-Themed Slot Machine Franchise with 13-Casino Event in Puerto Rico

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The all-new NFL Triple Score by Aristocrat Gaming will be the first title in the NFL Slots franchise to launch beyond the U.S., and the company marked the industry game-changing event with a ribbon cutting ceremony and celebration on January 22 at Casino del Mar in San Juan, Puerto Rico.

NFL Triple Score is now available on gaming floors alongside Jackpot del Encanto, a program featuring select slot machines in participating casinos across the Island. In this program, prizes increase as more players participate, with a progressive jackpot starting at $20,000. The game is showcased on the MarsX™ Portrait cabinet and is modeled after the wildly successful Bao Zhu Zhao Fu™ game family. It incorporates the best features of other NFL-themed games, including the “pick your team, play your team” customization option, complete with 32-team graphics, symbols, and NFL game footage.

“This launch is a major step forward in continuing our successful partnership with the NFL,” said Craig Toner, CEO of Aristocrat Gaming. “The NFL has immense popularity globally with fans all across the world, and we are thrilled to now bring the game to a broader stage. We look forward to seeing the excitement from players in Puerto Rico and continuing the success our award-winning NFL portfolio has seen in North America.”

Following the Puerto Rico launch, Aristocrat Gaming anticipates bringing the NFL Slots franchise to markets across greater Latin America and Europe.

Aristocrat Gaming is committed to responsible gameplay, with a comprehensive company program focused on strong compliance, empowering customers and casino players, and investing in innovation to help lift the bar. For more information, visit aristocrat.com/responsible-gameplay

In addition, the NFL hosts an extensive, integrated league-wide responsible betting public awareness program. For more information about responsible gambling tools and resources, visit responsibleplay.org, hosted by the National Council on Problem Gambling

ABOUT ARISTOCRAT GAMING
Aristocrat Gaming is a leading designer, manufacturer, and distributor of regulated land-based slot and electronic games across the globe. From award-winning games and hardware to unique game mechanics and leading performance, Aristocrat Gaming delivers the best seat in the house wherever and whenever the world plays. Part of Aristocrat Leisure Limited (ASX: ALL), Aristocrat Gaming delivers end-to-end solutions to customers in more than 300 jurisdictions across the globe. We strive to be an industry leader in responsible gameplay, as part of ensuring a vibrant and sustainable industry. For further information, visit the company’s website at www.aristocratgaming.com.

Follow Aristocrat Gaming on FacebookInstagram, and LinkedIn.

Media Contacts:
Meghan Speranzo
Meghan.Speranzo@aristocrat.com 

Chelsea Eugenio
chelsea.eugenio@aristocrat.com  

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SOURCE Aristocrat Gaming

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iDrive Logistics Secures Growth Loan From Decathlon Capital Partners

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Leading e-commerce fulfillment platform supports high-growth with non-dilutive growth-debt funding package

SALT LAKE CITY, Jan. 22, 2025 /PRNewswire/ — iDrive Logistics, a leader in shipping and fulfillment solutions for e-commerce businesses and 3PL fulfillment warehouses, has secured a growth loan from Decathlon Capital Partners. This multi-million dollar investment package will support iDrive’s ability to meet growing customer demand, deliver expanded functionality, and provide greater value to its customers and partners.

Headquartered in Lehi, Utah, iDrive Logistics empowers e-commerce brands to succeed on a global scale. Through innovative, small-parcel spend management and a proprietary business intelligence platform, iDrive helps customers optimize transportation costs and improve supply chain visibility. Details of the revenue-based financing were not disclosed.

Shaun Rothwell, Founder and Chief Executive Officer of iDrive Logistics, said the company’s mission is to revolutionize small parcel management. “When I founded iDrive Logistics in 2008, my vision was to build a team of industry experts and create a network that delivers unmatched value for our customers,” Rothwell said. “Today, we’ve managed billions in transportation and invested heavily in infrastructure and technology to meet the evolving needs of our clients.”

Brett Haskins, Chief Operating Officer of iDrive Logistics, said the company’s goal is to help e-commerce businesses provide a better overall shipping and returns experience for their customers. “This funding enables us to further develop and provide our innovative shipping technology to our customers and 3PL partners without giving up any equity or ownership of the company,” Haskins said.

John Borchers, Managing Director of Decathlon Capital Partners, said Decathlon is excited to be partnering with iDrive. “iDrive Logistics has built a remarkable reputation for helping e-commerce businesses succeed through their expertise and cutting-edge solutions,” Borchers said. “We’re excited to support their growth as they expand their offerings and continue to lead the way in supply chain innovation.”

Stillwater Capital, a leading transportation and logistics mergers and acquisition advisory firm, was the exclusive financial advisor to iDrive in the transaction. Stillwater’s deal team was led by Executive Vice President Jordan Nix with the support of Vice President Brad Kerkhof. “The iDrive team has built a fantastic business that solves some of the biggest e-commerce fulfillment challenges in the market,” Nix said. “This investment will propel them to achieve the scale they deserve. Borchers and the Decathlon team are excellent capital partners that will help drive the business forward.”

About iDrive Logistics
iDrive Logistics provides shipping and fulfillment solutions for top e-commerce brands and 3PL warehouses. With over 100 years of collective small parcel experience, iDrive specializes in small-parcel spend management and supply chain visibility, empowering customers to reduce costs and optimize operations. iDrive Logistics is a trusted partner for businesses aiming to succeed on a global scale. Learn more at www.idrivelogistics.com.

About Decathlon Capital Partners
Decathlon Capital Partners provides growth capital for companies seeking alternatives to traditional equity investment. Through the use of highly customized growth-debt financing solutions, Decathlon provides long-term growth capital without the dilution, loss of control and operational overhead that often comes with equity-based funding. With offices in Palo Alto and Park City, Decathlon is the largest revenue-based funding investor in the U.S. and is active across a wide range of sectors. Learn more at www.decathloncapital.com.

View original content:https://www.prnewswire.com/news-releases/idrive-logistics-secures-growth-loan-from-decathlon-capital-partners-302357996.html

SOURCE iDrive Logistics

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VinCSS Applauded by Frost & Sullivan for its Pioneering FIDO IoT Device Onboarding (FDO) Security and its Transformational Innovation Leadership

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What truly differentiates VinCSS is its ability to enable organizations, OEM manufacturers, and service providers to adopt FDO standards without investing in building their own infrastructure from scratch.

SAN ANTONIO, Jan. 22, 2025 /PRNewswire/ — Frost & Sullivan recently assessed the internet of things (IoT) security industry and based on its analysis results, recognizes VinCSS with the 2024 Global Transformational Innovation Leadership Award. The company has emerged as a cybersecurity trailblazer in passwordless authentication technology using FIDO2 (Fast IDentity Online 2) standards and is a pioneer in FIDO device onboarding (FDO) adoption for IoT device security.

VinCSS has positioned itself as a pioneer in the IoT security industry through its commitment to innovation, standardization, and strategic partnerships. It became the world’s first company to introduce a commercial IoT security platform and ecosystem designed to simplify IoT onboarding and ensure secure device management using the FDO standards. By adopting the FDO standards, VinCSS addresses critical security vulnerabilities and the growing risk of cyberattacks with a unified, automated solution that enhances security across IoT deployments. The company has further solidified its leadership by becoming the first in the industry to achieve three FDO certifications from the FIDO Alliance. FDO technology is transforming the IoT landscape by automating device onboarding, significantly reducing time and effort, particularly when it concerns thousands of devices. This innovation replaces labor-intensive, manual processes prone to human error and high costs, making FDO a game changer for secure and efficient IoT management.

VinCSS’s FDO solutions minimize the risks of mistakes and security vulnerabilities to ensure consistent, secure onboarding. Its automated FDO protocol cuts onboarding time by up to 90%, enabling organizations to save time, effort, and costs in deploying devices. It also enhances the reliability and security of the onboarding process by eliminating human involvement and freeing IT teams to focus on more strategic initiatives rather than being bogged down by repetitive, manual tasks. The FDO protocol leverages advanced authentication standards that allow devices to be securely onboarded with minimal manual intervention, making it a viable approach for large-scale deployments, such as smart cities or industrial IoT environments, where managing thousands of devices can quickly become unmanageable and error-prone without automation. In addition, VinCSS’s FDO solution integrates seamlessly with organizations’ existing security ecosystems using a zero-touch onboarding approach that enables the addition of existing devices to a network without direct human involvement, which is crucial in scenarios where scalability and stability are vital, such as manufacturing plants, smart healthcare systems, or expansive sensor networks in smart cities.

Anh Tien Vu, Industry Principal, Global Cybersecurity Practice, Frost & Sullivan, observed, “VinCSS delivers game-changing IoT security solutions that address current challenges and set new benchmarks for the future. It is one of the first companies to commercialize products and services integrated with FDO standards. While many organizations are still exploring the potential of FDO since its introduction by the FIDO Alliance in 2021, VinCSS has taken decisive steps to implement this technology in real-world scenarios.”

VinCSS has gone beyond merely adopting the FDO protocols by building a comprehensive, turnkey FDO infrastructure and setting a benchmark in the IoT security industry with the Device Onboarding Services, FDO-enabled devices, and the Rendezvous Server. Unlike market players that only provide fragmented products, VinCSS’s comprehensive ecosystem offers an end-to-end onboarding ecosystem that allows seamless integration for IoT deployments. With VinCSS’s comprehensive solutions, organizations can quickly achieve FDO compliance, facilitating device enrollment. By providing this capability, VinCSS positions itself as a provider of IoT security solutions and a key partner for hardware manufacturers and service providers looking to adopt FDO standards while maintaining high security and overcoming the barriers of cost and complexity for a faster time to market. Infrastructure development is a significant achievement as it helps lower the barrier to entry for IoT security, which encourages wider adoption of secure onboarding protocols across various industries. VinCSS’s leadership in building a scalable, FDO-certified infrastructure has made it a catalyst for industry transformation and provides other vendors with the tools they need to secure their devices more effectively. By launching multiple FDO-enabled solutions, including integrated cameras, Wi-Fi routers, smart car parking sensors and network deployment solutions, VinCSS has gained a competitive edge as a first mover to gain traction across multiple sectors, including smart cities, healthcare, manufacturing, and automotive. VinCSS is a market leader with its unique and comprehensive product ecosystem, innovative approach, and robust industry partnerships.

“VinCSS is not only responding to current industry needs but also proactively shaping the future of IoT security through its early adoption and practical application of FDO technology, by providing automated, secure onboarding solutions and actively leading standardization efforts. With the likelihood of FDO becoming widely adopted or mandatory in specific industries, much like the FIDO2 standard and passkey today, VinCSS is well positioned to lead industry transformation moving forward,” added Vu.

With its strong overall performance, VinCSS earns Frost & Sullivan’s 2024 Global Transformational Innovation Leadership Award in the IoT security industry. It is also the third consecutive time VinCSS has been awarded by Frost & Sullivan.

Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.

Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.

Contact:

Tarini Singh
E: tarini.singh@frost.com

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