DBS enhances gov’t grant payouts using blockchain for faster distribution

Once conditions are met, the cash is disbursed automatically.

DBS successfully piloted programmable grant disbursements and government payouts.

Under the pilot, government agencies like EnterpriseSG and designated intermediaries such as the Singapore Fintech Association (SFA) used DBS’ permissioned blockchain to disburse grants.

The agencies determine and programme conditions in the blockchain in advance. Once certain business conditions are met by approved recipients, the grants are automatically disbursed as cash to them.

A pilot during the Singapore Fintech Festival 2023 saw the SFA grant disbursements to 27 participating members. More recently, DBS launched treasury tokens for cross-border treasury and liquidity management.

The programmable blockchain is expected to enhance governance control and reduce the need for manual processing of cash by intermediaries. This in turn will enable businesses to receive cash payouts faster, DBS said.

DBS’ permissioned blockchain reportedly enables full visibility of the entire disbursement process. This provides greater transparency and helps organisations reap operating efficiencies across reconciliation and reporting, DBS said.