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DBS brokerage arm Vickers receives MAS approval for digital token

Source: DBS

DBS Vickers (DBSV), the brokerage arm of DBS Bank, today announced that it has received formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.

Eng-Kwok Seat Moey, Head of Capital Markets at DBS and Chair of the DBS Digital Exchange, said, “Having received formal regulatory approval from MAS, DBSV is now in a better position to support institutional and corporate investors in tapping into the growing potential of digital assets as an investment class. This marks another significant milestone in our ability to provide integrated solutions across the digital asset value chain, from deal origination to tokenisation, listing, trading and custody. We believe that DBSV’s licence, coupled with recent enhancements to DDEx such as round the-clock operations since August, could add to DDEx’s volumes in the coming months and accelerate growth momentum for DBS’ digital asset ecosystem.”

Since its launch last December as a members-only bourse, DDEx has seen good demand from clients, including corporate and institutional investors, accredited individuals, and family offices. It expects to double the number of participants on DDEx to 1,000 and to grow its base by 20-30% annually for the next three years as investments in digital tokens gain greater acceptance.

Other key milestones that DBS has achieved for its asset digitalisation strategy this year include:

• In August, DDEx became operational round-the-clock, enabling DDEx’s participants to trade on the bourse at any time.

• In June, DDEx listed its inaugural Security Token Offering in the form of an SGD 15 million digital bond.

• In May, DBS Private Bank rolled out Asia’s first bank-backed trust solution for cryptocurrencies.

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