DBS Bank will offer crypto Services in Singapore

DBS Bank’s subsidiary brokerage arm will offer crypto services in Singapore. They will give their services to asset management firms to purchase crypto assets. 

According to the press release, DBS Bank got licensed approval from the MAS ( Monetary Authority of Singapore). Now they have full approval to provide digital token based payment services and also trading facilities to their customers. 

The plan of DSB Bank’s brokerage arm is to provide services only for special members. That means they will not provide their services publicly for people individually. They will offer their Services for the institutional investors & management firms. 

So their exchange ” DBS Digital Exchange (DDEx)” will allow the fund management companies. They will offer their service based on the member base concept. 

This move of the DSB Bank will provide a better opportunity for those institutional Investors which have huge inclination toward the crypto industry and through the DDEx services they will be able to capitalise the on opportunities. They will also be able to minimize the problem of high volatiles in the crypto market because they will get direct facility to buy and sell their funds according to the situation.

Eng-Kwok, DBS group head of capital markets, stated that 

“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.” 

Earlier DDEx claimed that they have 400 registered Investors at their platform and also they have $130 million digital asset fund which is under the custody of a service.

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