DBS Bank Gets Approval from the Monetary Authority of Singapore to Provide Crypto Payment Services

Singapore-based DBS Bank has officially received approval from the Monetary Authority of Singapore (MAS) to provide cryptocurrency payment services.

The Digital Exchange (DDEx) would start 24/7 operation following Monday to meet the ever-increasing customer demand and high transaction volume.

The company stated that its brokerage division DBS Vickers (DBSV), has obtained regulatory approval in principle under the Payment Services Act (PS Act) that can serve as a major payment institution to provide asset managers and companies and other investors with transactions in digital tokens platform.

The Group Head of Capital Markets at DBS, Eng-Kwok Seat Moey, said the company is pleased to have made steady progress on the digital asset ecosystem in the six months since the DDEx launched last year, which shows in trading and custody activities:

“We have seen keen interest among asset managers and corporates for access to digital payment token services, and with DBSV receiving in-principle approval under the PS Act, we are well-placed to meet this growing demand. This could add to DDEx's volumes in the coming months, and, coupled with DDEx going operational round the clock, help accelerate growth for DDEx."

DBS said it is confident of doubling its investors base by the end of the year by providing integrated solutions across the digital asset value chain, notably in the form of STOs, leveraging DBS' expertise in deal origination to tokenisation, listing, distribution, trading, and custody. 

DBS Digital Exchange (DDEx) was launched in December 2020, aiming to use blockchain technology to provide institutional customers with a safe and transparent comprehensive digital asset ecosystem trading platform including Bitcoin(BTC), Ethereum (ETH), Ripple(XRP), and other well-known trading currencies.

As reported by Blockchain.News on May 31, DBS bank-issued digital bonds with a maturity of 6 months and an annualised coupon rate of 0.6% worth 15 million SGD (US$11.3 million) in its first security token offering (STO) through its Digital Exchange (DDEx).