DBS Vickers Wins Crypto License

The brokerage arm of Singapore lender DBS will be able to provide asset managers and institutional investors access to products and solutions offered by the DBS Digital Exchange (DDEx).

DBS Vickers has received formal approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services as a Major Payment Institution, DBS announced on Friday.

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, Eng-Kwok Seat Moey, DBS head of capital markets and chair of DDEx, said in the announcement.

Launched in December 2020, DDEx has good demand from clients, including corporate and institutional investors, accredited individuals, and family offices, DBS said.

The bank expects to double the number of participants on DDEx to 1,000 and to grow its base by 20-30 percent annually for the next three years as investments in digital tokens gain greater acceptance.

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, Eng said.