DBS Vickers receives regulatory approval under Payment Services Act to provide digital payment token services
Singapore, 01 Oct 2021 - DBS Vickers (DBSV), the brokerage arm of DBS Bank, today announced that it has received formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 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 DBS Digital Exchange, said, “Having received formal regulatory approval from MAS, DBSV is now in a better position to support institutional and corporate investors in tapping into the growing potential of digital assets as an investment class. 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.”
Since its launch last December as a members-only bourse, DDEx has seen good demand from clients, including corporate and institutional investors, accredited individuals, and family offices. It 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.
Other key milestones that DBS has achieved for its asset digitalisation strategy this year include:
In August, DDEx became operational round-the-clock, enabling DDEx’s participants to trade on the bourse at any time.
In June, DDEx listed its inaugural Security Token Offering in the form of an SGD 15 million digital bond.
In May, DBS Private Bank rolled out Asia’s first bank-backed trust solution for cryptocurrencies.
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About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “
World’s Best Bank
” by Euromoney, “
Global Bank of the Year
” by The Banker and “
Best Bank in the World
” by Global Finance. 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 13 consecutive years from 2009 to 2021.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit
www.dbs.com
.
DBS Bank Ltd | 12 Marina Boulevard, DBS Asia Central @ Marina Bay Financial Centre Tower 3,
Singapore 018982 | Co. Reg. No. 196800306E
Tel: 65.6878 8888 | www.dbs.com
