DBS Bank’s brokerage arm, DBS Vickers (DBSV), has been granted a license to operate as a “major payment institution” from the Monetary Authority of Singapore (MAS).
The broker says its license enables it to provide its services in the city-state through its DBS Digital Exchange (DDEx), according to a press release on Thursday. The move follows on from a previous “in-principle” approval granted by the regulator in August.
Under the Payment Services Act, applicants applying for a license are subject to a review of their policies, customer protection procedures, compliance structures, among other 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,” said Eng-Kwok Seat Moey, head of capital markets at DBS.
DDEx launched last December as a member-only exchange, and DBS says it saw strong demand from institutional investors as well as from accredited individuals and family offices.
In May, DBS Private Bank rolled out Asia’s first bank-backed trust product for cryptocurrencies, and in June, DDEx listed its inaugural security token offering in the form of a US$13.3 million digital bond.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.