Singapore, 22 Aug 2024 - DBS has successfully piloted programmable grant disbursements to streamline government disbursements to businesses. The pilot demonstrates how government agencies can explore the use of this solution to execute disbursements more efficiently with greater governance controls and an enhanced user experience. The solution could also provide businesses faster access to government cash payouts.[1] , through the Singapore Fintech Association (SFA). The pilot was initiated by SFA, which builds on DBS’ experience in using Purpose-Bound Money (PBM)[2] , to support grant disbursements to 27 participating fintech members during the Singapore Fintech Festival 2023.Enhanced governance, less friction, faster payouts Using DBS' permissioned blockchain, government agencies like EnterpriseSG and its designated intermediaries like SFA can determine and programme conditions, through DBS, governing grant disbursements. These include disbursements to approved recipients only, and upon the fulfilment of certain business conditions. Once smart contracts verify that the conditions are met, the grants are automatically disbursed as cash to beneficiaries.[3] , which explores use cases for PBM and digital Singapore dollar in Singapore. In the next phase, DBS will explore extending PBM for more use cases with EnterpriseSG and other government agencies as part of Project Orchid.[1] The LEAD Trade Fairs & Business Missions supports enterprises to access overseas markets through participation in international trade fairs and business missions led by Trade Associations and Chambers (TACs). TACs can tap the programme to help enterprises defray part of the costs incurred for these overseas missions and trade fairs.
[2] PBM is a protocol which specifies the conditions upon which funds can be disbursed when conditions are met. https://www.mas.gov.sg/publications/monographs-or-information-paper/2023/purpose-bound-money-whitepaper
[3] Project Orchid is a multi-year, multi-phase project led by MAS to develop the technology infrastructure and technical competencies necessary for a digital Singapore dollar. https://www.mas.gov.sg/schemes-and-initiatives/project-orchid
Appendix: 27 participating fintech members which received the grant under this pilot
Advance Intelligence Pte Ltd Aspire FT Pte Ltd Credit Engine ASIA PTE. LTD. Cyberbeat Pte. Ltd. Cynopsis Solutions Pte Ltd DigiCal Consultancy Services Pte Ltd eBaoTech International Pte Ltd Headquarters XYZ Pte Ltd Holland & Marie Pte Ltd Bitdefender APAC Pte Ltd (previously known as Horangi Pte Ltd) IC SG Pte Ltd Jasper Vault Technology Pte Ltd Jewel Paymentech Pte Ltd Legatus Global Pte Ltd Max Now Pte Ltd MineSec Pte Ltd Optimai Pte Ltd Option Gift Pte Ltd Pilon Pte Ltd SHA2 Labs Pte Ltd Solvecube Pte Ltd UNSD Information Technology Pte Ltd VANTAGE POINT SECURITY PTE LTD Experian Singapore Pte Ltd Intersystems Singapore Pte Ltd Acego Pte Ltd Dobin Pte. Ltd. [END]
About DBS 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 15 consecutive years from 2009 to 2023.www.dbs.com . 