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DBS Upgrades Its Digital Token for Corporate Customers
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Singaporean-based multinational bank DBS has announced they will be upgrading their digital token for corporate customers in May. The purpose of the token is to make banking through DBS more secure.
Starting in May 2019, DBS bank will be undergoing some changes. The Singaporean bank is eliminating its one-time passwords via SMS for corporate customers. The digital token has authentication technology built in, with additional biometric facial recognition technology for mobile devices.
The new DBS IDEAL digital token+ will completely phase out one-time passwords. Instead, authentication notifications will be used to confirm logins. All logins and transactions will also be processed via a separate channel to registered mobile devices.
According to DBS, all that’s needed now to confirm transactions on a registered mobile device is a “single swipe.”
An Upgraded Token
The DBS IDEAL digital token+ will be available to all corporate customers in Asia by May 2019. The IDEAL digital token will automatically be migrated to a new system called the digital token+ service.
The leading Singaporean bank decided to make the move during a time when security enhancements are occurring across the board in Singapore. Most businesses are quickly digitizing, and DBS has said that the change is to keep up with the economic demands and consumption patterns.
At DBS, more than nine in ten corporate and SME transactions are done online. The upgraded token will make this entire process much more seamless.
It’s still unclear whether DBS will be migrating their IDEAL digital token to their own native blockchain. DBS has been a long-time supporter of the blockchain space. For example, recently Agrocorp partnered with DBS’ API to launch a blockchain-based trading platform for commodity trade.
The bank has a longstanding history of being on the cutting edge of blockchain and technology in Singapore. It’s prescient given that the continent has been leading the entire world in its blockchain adoption and trading platforms.
Time will tell how soon they plan to migrate their own token to a native blockchain-based network.
Will DBS be one of the leading banks in Asia for the blockchain space? Let us know your thoughts below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
