DBS Vickers (DBVS), a wholly owned subsidiary of DBS Bank, has received an approval from the Monetary Authority of Singapore (MAS) to provide trading services for cryptocurrencies, the bank announced. Thus, DBSV became one of the first financial institutions to obtain this approval in Singapore.
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With the license, the brokerage arm of DBS Bank can offer crypto management services and trade tokens through the bank's cryptocurrency exchange called DBS Digital Exchange (DDEx). Eng-Kwok Seat Moey, Group Head of Capital Markets at DBS, says the financial giant has seen "keen interest among asset managers and corporates for access to digital payment token services."
"We are confident of doubling our investor base by the end of the year," Eng-Kwok added.
Earlier in May, DBS Private Bank, a part of the wealth management division of DBS Bank, launched its own cryptocurrency trust. The trust allows private banking clients to invest and hodl cryptocurrencies under the DDEx structure.
Currently, the trust supports four digital assets: bitcoin (EXANTE: Bitcoin), bitcoin cash (BCH), ether (ETH) and XRP. Joseph Poon, Group Head of DBS Private Bank, says the bank's clients could hodl the assets with a "peace of mind that they will be safely managed and passed on to their intended beneficiaries."
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