DBS launches self-directed crypto trading function in DBS digibank app for accredited wealth clients

Singapore.23 Sep 2022

Eligible clients can now trade cryptocurrencies on DBS Digital Exchange (DDEx) through DBS digibank at their convenience

Broadens access to DDEx to accredited investors in DBS Treasures amid sustained interest in digital assets

Singapore, 23 Sep 2022 - DBS today announced that it has rolled out self-directed crypto trading via DBS digibank, enabling wealth clients who are accredited investors to trade cryptocurrencies on DDEx at their convenience. This latest move provides more seamless and hassle-free access to DDEx, one of the world’s first bank-backed digital exchanges.

Previously, crypto trading on DDEx was limited to corporate and institutional investors, family offices and clients of DBS Private Bank and DBS Treasures Private Client only. With this latest initiative, the service is now available to accredited investors in the DBS Treasures segment as well. For a start, an estimated 100,000 investors in Singapore meet this criteria, and are eligible to access the services offered by DBS' digital assets ecosystem.

Sim S. Lim, Group Executive, Consumer Banking and Wealth Management, DBS Bank said: “As a trusted partner that helps our clients to grow and protect their wealth, we believe in staying ahead of the curve and providing access to the solutions they seek. Broadening access to DDEx is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”

Secure and hassle-free crypto trading with DBS digibank

The launch of the crypto trading feature comes at a time when DBS wealth clients are increasingly choosing self-directed options, with nine out of 10 equity transactions executed digitally today.

Starting from a minimum investment sum of USD 500, accredited wealth clients can seamlessly trade four of the more established cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, XRP) on DDEx at their convenience. Having their cryptocurrency holdings reflected alongside the rest of their portfolio in DBS digibank also makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.

Key benefits of DBS’ crypto offering include:

Security: DDEx taps on DBS’ extensive experience in providing secure custodial services to offer institutional-grade custody, and utilises 100% air-gapped, cold storage technology with multi-layered security architecture to manage cybersecurity risks. Clients can trade within a secure closed loop environment operated by DBS, a well-regulated financial institution, allowing them to trade with confidence.

Convenience: With their DBS bank accounts and DDEx custody accounts seamlessly linked via DBS digibank, clients’ funds can be directly debited to support their transactions on DDEx. This does away with the hassle of common pain-points such as additional wire transfer fees, complex fiat-stablecoin-crypto conversions, and third-party processing.

Full view of their investments: From equities, bonds, foreign exchange to cryptocurrencies – clients now have a consolidated picture of all their investments in one place, rather than having to toggle multiple platforms to keep track of their various holdings. By understanding their portfolio in its entirety, clients are thus better positioned to monitor and manage their wealth, and make more informed decisions.

Trading cryptocurrencies on DDEx seamlessly via DBS digibank (user journey)

 Clients can enjoy a full and consolidated view of their investments across traditional and alternative asset classes, all in one place

Accredited investors who are interested in accessing the crypto trading function on DBS digibank can contact their relationship managers. The bank is also working on enhancing other aspects of the user journey to make it even more seamless, such as by digitalising the onboarding process, which is slated for rollout in 2023.

Interest in cryptocurrencies remains resilient, with the asset class finding its way into more investors’ portfolios: according to Capgemini’s World Wealth Report 2022, 71% of high net-worth individuals globally – and 91% of those below 40 years of age – have invested in digital assets.

In the midst of a volatile environment, well-regulated digital exchanges such as DDEx have seen resilient business metrics – between the months of April and June 2022 when volatility in cryptocurrency markets started increasing, the total number of trades on DDEx doubled, and the quantity of bitcoin bought rose nearly four times.

For more information on the crypto trading function on DBS digibank, please visit: https://www.dbs.com.sg/treasures/investments/product-suite/digital-platform/dbs-crypto-currency


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 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.