Singapore based DBS Bank’s brokerage (DBSV) arm has received in-principle approval from the country’s financial regulator to start offering crypto services to asset managers and companies.
According to a press release, DBS Vickers (DBSV) received approval from the Monetary Authority of Singapore (MAS) under the country’s Payment Services Act. Singapore passed its Payment Services Act in 2019, which requires all-digital payment service providers to receive licenses to operate.
Once licensed, the company will be able to directly support managers and companies via its DBS Digital Exchange (DDex). It allows them to gain seamless access to its digital payment token services. DDEx will start operating round-the-clock from 16 August, allowing investors to trade on a platform at any time. DBSV is one of the first financial institutions in the world to receive such approval from the MAS. The exchange initially operated only during Asian trading hours, the company said.
Per the report, nearly 400 investors have joined the trading network of DDEx up until June 2021. DBS has over SGD 130 million in digital assets in its custodial services. Moreover, DBS is building up its pipelines of potential Security Token Offerings (STOs). DDEx listed its inaugural STO in June in the form of an SGD 15 million digital bond.
Eng-Kwok Seat Moey, Group Head of Capital Markets at DBS, noted: “We are pleased to have made steady progress on our digital asset ecosystem in the six months since we launched the DDEx last year. We have seen keen interest among asset managers and corporates for access to digital payments token services.”
Also Read: Singapore DBS Bank Issues $15 Million Digital Bonds As a Security Token
Eng-Kwok Seat Moey said that the company has seen growing demand among cooperates and asset managers for digital payment services. “This could add to DDEx’s volume in the coming months and coupled with DDEx going operational round-the-clock, help accelerate growth for DDEx,” she noted.
The DBS issued SGD a $15 million digital bond in its first security token offering in June via DDex.
