DBS Vickers (DBSV), the brokerage arm of DBS Bank, today announced that it has received formal approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a major payment institution.
This will enable DBSV, as a member of DBS Digital Exchange (DDEx), to directly support asset managers and companies to trade in digital payment tokens through DDEx.
Eng-Kwok Seat Moey, head of capital markets at DBS and chair of the DDEx, says the approval places DBSV in a better position to support institutional and corporate investors in tapping into the growing potential of digital assets as an investment class.
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“This marks another significant milestone in our ability to provide integrated solutions across the digital asset value chain, from deal origination to tokenisation, listing, trading and custody. We believe that DBSV’s licence, coupled with recent enhancements to DDEx such as round the-clock operations since August, could add to DDEx’s volumes in the coming months and accelerate growth momentum for DBS’ digital asset ecosystem,” she says.
DDEx launched last December as a members-only bourse. According to DBS, the exchange expects to double the number of participants on DDEx to 1,000 and to grow its base by 20-30% annually for the next three years as investments in digital tokens gain greater acceptance.
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As at 9.51am, shares in DBS are up 21 cents or 0.7% higher at $30.32.
Photo of Eng-Kwok Seat Moey: DBS
