DBS Digital Exchange recorded over S$1.1 billion in trading volume for FY2021, with momentum picking up after the exchange expanded its operating hours in August last year.

Trading volume in the fourth quarter came in close to S$800 million, 5 times higher than the previous quarter, when the digital bourse started operating round-the-clock, the bank said in a media statement on Tuesday (Feb 15).

The exchange started operating during Asian market hours.

Digital assets under custody as at Dec 31, 2021 were over S$800 million, or 4 times higher than the amount recorded at the end of the third quarter.

The members-only exchange was launched in December 2020 and is the first to be built and owned by a traditional bank. It currently provides services only for institutional and accredited investors, but DBS D05 : D05 0% plans to expand its offerings to retail investors by the end of the year, the bank's chief executive Piyush Gupta said in an earnings call on Monday.

"We've started doing the work to see how we can, in a sensible way, take it out and expand it beyond the accredited investor base," Gupta said. But it will take some time to "nail down" certain things, such as adapting the platform for suitability and protection against fraud, he said.

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The exchange's chief executive Lionel Lim said there are plans to list more digital payment tokens and security token offerings for trading. Currently, it offers exchange services between 4 fiat currencies - Singapore dollars, US dollars, Hong Kong dollars and Japanese yen - and 4 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin cash and Ripple.

It also offers digital custody solutions.

"Our sustainable growth trajectory will help grow the market for digital assets in the region, which in turn contributes to deepening Singapore's expertise and stature as a global hub for digital assets," Lim said.

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