DBSV gets in-principle approval to provide trading services for digital payment tokens
THE brokerage arm of DBS D05 : D05 0%, DBS Vickers (DBSV), has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide trading services for digital payment tokens, the bank said in a statement on Thursday.
DBS Digital Exchange (DDEx) - a members-only exchange for institutional and accredited investors - will also operate round the clock from August 16, "to cater to increasing trading volume amidst growing client demand", DBS said.
The exchange, which recorded close to S$180 million in total trading value in Q2 2021, had first operated only during Asian trading hours.
The bank noted that DBSV is working through the necessary follow-ups with a view towards meeting MAS's requirements for a licence.
Once licensed by the MAS, DBSV will be able to directly support asset managers and companies to trade in digital payment tokens through the DDEx, which DBSV is a member of.
DBS's group head of capital markets Eng-Kwok Seat Moey noted that DBSV's in-principle approval and DDEx's new operational hours could help accelerate the exchange's growth.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
"We are confident of doubling our investor base by the end of the year. This bodes well for our ability to provide integrated solutions across the digital asset value chain notably in the form of security token offerings (STOs), leveraging DBS's expertise in deal origination to tokenisation, listing, distribution, trading and custody," she said.
DBS has been building up its pipeline of potential STOs, with DDEx listed its inaugural STO in June in the form of a S$15 million digital bond.
"This will contribute to Singapore's ambitions to be a digital asset hub in Asia," Ms Eng-Kwok added.
As at end-June 2021, around 400 investors have been onboarded to trade on the DDEx. DBS also has more than S$130 million in digital assets in its custodial services, the bank said.
READ MORE
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea