DBS Bank’s Brokerage Arm Greenlighted to Provide Cryptocurrency Services

Forum 3 years ago

DBS Bank’s Brokerage Arm Greenlighted to Provide Cryptocurrency Services

Customers of DBS Vickers would soon be able to deal with digital assets as the MAS reportedly allowed the move.

The Monetary Authority of Singapore (MAS) has enabled DBS Vickers – the brokerage brand of DBS Bank – to offer trading services for digital payment tokens. The initiative would meet the clients’ growing appetite for dealing with cryptocurrencies.

Crypto Opportunities for DBS’ Clients

According to a recent report, the securities and derivatives brokerage firm – DBS Vickers – received a green light from the Monetary Authority of Singapore to offer virtual asset services to its customers. Once the MAS officially authorizes the move, the financial institution would allow companies and asset managers to trade with digital payment tokens on the DBS Digital Exchange (DDEx).

The head of the capital markets of DBS Group – Eng-Kwok Seat Moey – noted that the organization’s clients have been showing a growing demand for cryptocurrency-related opportunities recently. She asserted that the firm is ready to expand its operational base:

“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’ expertise in deal origination to tokenization, listing, distribution, trading, and custody.”

The top executive highlighted Singapore’s goal to be a crypto leader in the Asian region. With that said, she raised hopes that DBS’ maneuver would be beneficial for the city-state:

“This will contribute to Singapore’s ambitions to be a digital asset hub in Asia.”

Per the report, nearly 400 investors have joined the trading network of DDEx up until June 2021. On top of that, DBS has over $130 million in cryptocurrencies in its custodial services.

Eng-Kwok Seat Moey

Eng-Kwok Seat Moey, Source: dbs.com

Singaporeans Are Keen on Virtual Assets

According to a recent survey, almost half of Singaporean residents said they own digital currencies (43%), while 46% asserted they would purchase some within the next year.

Taking a closer look, the results showed that the younger generations are huge proponents of bitcoin and altcoins as 66% of them answered they are hodlers. At the same time, older citizens are less likely to have entered the crypto market.

The mass awareness of digital assets in Singapore is also at high levels. 93% of the participants said they have heard of BTC, which positioned it undisputedly in the first position. 40% described the primary cryptocurrency as an “investment asset,” while 25% argued it is “digital gold” and a “store of value.”