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DBS Bank’s Brokerage Arm Receives Licence From Singapore Regulator Under Payment Services Act

DBS Bank’s Brokerage Arm Receives Licence From Singapore Regulator Under Payment Services Act

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DBS Bank’s brokerage arm, DBS Vickers (DBSV), has been granted a license to function as a Major Payment Institution from the Monetary Authority of Singapore (MAS).

The dealer says its license permits it to supply its providers within the city-state by way of its DBS Digital Exchange (DDEx), in accordance with a press launch on Thursday. The transfer follows on from a earlier “in-principle” approval granted by the regulator in August.

Under the Payment Services Act, candidates making use of for a license are topic to a evaluate of their insurance policies, buyer safety procedures, compliance constructions, amongst different areas.

“We believe that DBSV’s license… could add to DDEx’s volumes in the coming months and accelerate growth momentum for DBS’ digital asset ecosystem,” mentioned Eng-Kwok Seat Moey, Head of Capital Markets at DBS.

DDEx first launched in December of final yr as a member-only bourse and in that point DBS says it has seen sturdy demand from institutional buyers in addition to accredited people and household workplaces.

In May, DBS Private Bank rolled out Asia’s first bank-backed belief answer for cryptocurrencies whereas in June, DDEx listed its inaugural Security Token Offering within the type of a US$13.3 million digital bond.

Read extra: DBS Bank CEO: We Have Twice as Many Engineers as Bankers

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