DBS Vickers (DBSV), the brokerage arm of DBS Bank, 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.
This will enable DBSV, as a member of DBS Digital Exchange (DDEx), to directly support asset managers and companies to trade in digital payment tokens through the exchange.
DBSV said that the license, coupled with recent enhancements to the exchange 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.
The brokerage added that 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.
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.”