DBS: First bank in Asia to complete intraday repurchase transaction on a blockchain based network
Singapore.23 Nov 2022
Singapore, 23 Nov 2022 - DBS today announced that it had become the first bank in Asia to complete an intraday repurchase transaction on J.P. Morgan’s intraday repurchase application on Onyx Digital Assets, a blockchain based network which supports instant settlements and maturity of the transactions within hours instead of the current industry norm of one to two working days.
Andrew Ng, Head of Treasury and Markets at DBS, said “Repurchase agreements or repos are a traditional and well-established method of raising financing, but infrastructural and technical inefficiencies meant the minimum term has usually been one day. In the past, banks around the world had to explore alternative routes for intraday financing requirements. Through leveraging efficiencies of a blockchain-based solution, we are able to raise USD funding in compressed timeframes which are beneficial to our liquidity needs.”
Scott Lucas, Head of Markets Distributed ledger Technology at J.P. Morgan said, “Our intraday repo solution helps clients boost operational efficiencies and accelerate settlement times for their repo activities. We are excited to have our first Asia-domiciled client live on the application, as the network continues to grow.”
Ed Bond, Head of Trading Services Asia Pacific at J.P. Morgan said, “This is the first time that J.P. Morgan is acting as both Triparty Agent and Collateral Token Agent, which is an exciting development for the market. DBS has been a great partner on this project and we will continue looking at ways to innovate and help our clients navigate market challenges.”
Ng added, “As a bank that is known to be at the forefront of digital transformation, we will continue to leverage leading technologies to provide market participants with accelerated access to liquidity coupled with better risk management.”
About DBS
DBS is a leading financial services group in Asia with a presence in 19 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 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 14 consecutive years from 2009 to 2022.
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, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
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.
Andrew Ng, Head of Treasury and Markets at DBS, said “Repurchase agreements or repos are a traditional and well-established method of raising financing, but infrastructural and technical inefficiencies meant the minimum term has usually been one day. In the past, banks around the world had to explore alternative routes for intraday financing requirements. Through leveraging efficiencies of a blockchain-based solution, we are able to raise USD funding in compressed timeframes which are beneficial to our liquidity needs.”
Scott Lucas, Head of Markets Distributed ledger Technology at J.P. Morgan said, “Our intraday repo solution helps clients boost operational efficiencies and accelerate settlement times for their repo activities. We are excited to have our first Asia-domiciled client live on the application, as the network continues to grow.”
Ed Bond, Head of Trading Services Asia Pacific at J.P. Morgan said, “This is the first time that J.P. Morgan is acting as both Triparty Agent and Collateral Token Agent, which is an exciting development for the market. DBS has been a great partner on this project and we will continue looking at ways to innovate and help our clients navigate market challenges.”
Ng added, “As a bank that is known to be at the forefront of digital transformation, we will continue to leverage leading technologies to provide market participants with accelerated access to liquidity coupled with better risk management.”
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 19 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 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 14 consecutive years from 2009 to 2022.
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, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
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.