DBS receives basic approval in Singapore

The brokerage arm of DBS Bank in Singapore is licensed for the provision of digital token payment services

Singapurische Multinational Bank DBS Yesterday DBS Vickers (DBSV) received the official approval of the Monetary Authority of Singapore (MAS). According to the country's payment service, the brokerage was generally given approval to provide digital payment token services.

The message makes the DBSV one of the first financial institutions that MAS has received such a permit. The Singapore Regulatory authority had given the Australian Digital Asset Exchange Independent Reserve the same basic approval last week.

The approval of the DBSV is an important step in the DBS strategy for digitization of assets. Last year, the bank launched the DBS Digital Exchange (DDEX), which enables institutional and accredited investors access to digital assets and participation in Security token Offerings (STOS). The MAS license will enable DBSV to support these investors directly.

The DBS custody services now manage digital assets worth more than 130 million SGD ($ 96 million). In the meantime, the growth of DDEX was explosive because the trading volume in the second quarter compared to the first quarter achieved more than quinted and almost 180 million SGD ($ 133 million). The stock exchange has also won around 400 investors since its start.

Eng-W-KWOK Seat Moy, Group Head of Capital Markets at DBS, said: " We are pleased to have made constant progress in our ecosystem for digital assets in the six months since the introduction of the DDEX last year, and this is evident in our trade and custody activities. determined, and since DBSV received the basic approval according to the PS law, we are well positioned in order to meet this growing demand . “

Although DDEX has so far only been operated during the Asian trade times, it will be in operation around the clock from Monday so that users can better manage risks and use opportunities that result from prices from cryptocurrency. Moy believes that this could increase the volume of the stock exchange in the coming months together with the approval of MAS.

he added that " we are confident that we are confident about the end of the year. This is a good sign of our ability to offer integrated solutions along the entire value chain of digital assets, especially in the form of STOs that use DBS know-how in business, to token, distribute, trade and custody. This will be used. Contribute to ambitions to be a digital asset hub in Asia . “