DBS Bank, Singapore's largest financial institution, has launched its innovative Programmable Rewards program, utilizing blockchain technology to provide customers with smart contract-powered digital vouchers. This initiative aims to enhance digital banking experiences and simplify reward redemption. The program is integrated into DBS PayLah!, the bank's popular payments application, which has over 2.9 million users, allowing for the easy conversion of reward points into e-vouchers.
These blockchain-based vouchers are designed to be compatible with Singapore's widely adopted QR code payment formats, making them usable across approximately 40,000 merchant outlets nationwide. This move aligns with Singapore's broader digital currency objectives, as DBS is exploring the application of this system for employee rewards and government programs. The bank's tokenization efforts are powered by its permissioned blockchain, DBS Token Services, which enables the creation and management of digital vouchers with programmable conditions that are automatically verified at the point of use, with transactions settled through existing payment rails like NETS.
DBS and POSB credit cardholders can convert their DBS Points or POSB Daily$ into DBS Rewards Flexi eVouchers via the PayLah! app. To commemorate Singapore's 60th anniversary, a special SG60 promotion is running from August 1 to September 30, 2025, offering customers who redeem 6,000 DBS Points for an S$60 voucher an additional S$60 cashback. This development builds on DBS's prior involvement in Project Orchid, an initiative led by the Monetary Authority of Singapore (MAS) that explores the potential of programmable money and a digital Singapore dollar. DBS has previously piloted programmable government vouchers and grant disbursements with public agencies, demonstrating its commitment to advancing digital financial solutions.
The integration of blockchain technology into loyalty programs offers significant advantages over traditional systems, including enhanced transparency, reduced fraud, and greater flexibility for customers. This initiative by DBS modernizes its reward offerings and positions the bank at the forefront of practical blockchain applications in the financial sector, signaling a new era for programmable finance in Singapore.