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DBS Bank is testing programmable government grants distributed through a blockchain platform. This initiative seeks to enhance efficiency, improve management, and accelerate access to grants for local enterprises.
DBS Bank, a financial holding entity based in Singapore, has introduced a DLT platform to streamline the distribution of government grants. The bank is collaborating with Enterprise Singapore (ESG), a government agency under the Ministry of Trade and Industry, and the Singapore FinTech Association (SFA), a local non-profit organization.
In the pilot program, local business and association development grants from the LEAD Trade Fairs & Business Missions agency were allocated through the SFA. Grants were provided to 27 participants of the Singapore FinTech Festival. Disbursements were executed via DBS’s permissioned blockchain. The fulfillment of grant conditions was automatically validated through smart contracts, allowing the funds to reach recipients without the necessity for manual processing and verification.
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Han Kwee Juan, Country Head of DBS Singapore, stated that utilizing the DLT system for grant distribution enables much quicker access to funds, improved management, and reduced intermediaries. He also mentioned that with DBS’s permissioned blockchain, ESG and its intermediaries, including the SFA, can efficiently and swiftly oversee program conditions and the fund distribution process.
Shadab Taiyabi, President of the SFA, indicated that blockchain simplifies the payment process, allowing local businesses to receive payments more rapidly and efficiently, thereby providing them with additional capital for growth.
The new payment tool was created as part of DBS’s involvement in the initiatives of the Monetary Authority of Singapore (MAS). Specifically, under Project Orchid, which aims to explore the advantages of tokenization. DBS Bank has also recently collaborated with Ant International to introduce DBS Treasury Tokens, a blockchain platform designed for managing capital liquidity and transferring funds within the corporate group. This solution is also based on collaborative developments with the MAS, particularly the treasury token issuance system established under Project Guardian.
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