• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Singapore bank DBS charts ambitious plans for digital exchange

September 14, 2021 by David Barret Leave a Comment

September 14, 2021

By Anshuman Daga

SINGAPORE (Reuters) -Singapore’s DBS Group expects to double the number of members on its new platform for cryptocurrency trading to 1,000 by end-December and grow this by 20-30% annually for the next three years as digital tokens gain acceptability.

In an interview, DBS’s senior executives said DBS Digital Exchange, set up in December as a members-only bourse, is seeing robust demand from corporate investors, accredited individuals and investment firms that manage the fortunes of wealthy families.

“We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets,” said Eng-Kwok Seat Moey, head of capital markets at DBS, Southeast Asia’s largest bank by assets, and chairperson of the exchange.

DBS’s foray in the crypto business come after its CEO Piyush Gupta steered the bank to invest billions of dollars to upgrade its technology infrastructure over the past eight years as it embraced cloud computing and digitised its services.

DBS Digital Exchange bills itself as the world’s only bank-backed full service digital bourse – offering cryptocurrency trading, asset tokenisation and digital custody services, in a crypto sector where investor trust is still low.

Soaring popularity of cryptocurrencies has posed a problem for mainstream banks as they try and balance clients’ interest in digital coins with regulatory concerns about their risks.

A unit of Standard Chartered is setting up a joint venture https://ift.tt/3hn0YVF to establish a cryptocurrency brokerage and exchange platform in Britain and Europe, while HSBC said it has no plans to offer digital currencies to customers https://ift.tt/3lgo29H.

Eng-Kwok said DBS’ position as one of the biggest wealth managers in Asia and its expertise in originating deals in capital markets would help it attract users and grow trading volume.

The move comes at a time when DBS, like other banks, is looking to boost fee-based income as net interest income decreases amid low interest rates.

Eng-Kwok said the bourse hopes to list at least half a dozen security tokens by end-2022.

Singapore’s central bank brought crypto businesses under a new regulatory framework that came into effect in January 2020.

DBS’ brokerage arm has received an-principle approval under the new regime, which will allow it to directly support asset managers and companies to trade in digital payment tokens through the bourse. The Singapore Exchange has a 10% stake in the bourse.

“Having mainstream banks helps foster an environment where settlement risk is minimal and there are safeguards in place for custody of user deposits and security of transactions,” said Ganesh Viswanath-Natraj, assistant professor of finance at Warwick Business School in Britain.

Last week, Binance, one of the world’s largest cryptocurrency exchanges, said it will restrict its services in Singapore https://ift.tt/38ZVXNZ days after the central bank told it to stop offering payment services.

DBS Digital Exchange offers trading services between bitcoin, bitcoin cash, ethereum and XRP, and U.S., Singapore, Hong Kong dollars and the yen.

“Our aim was to create a platform that could serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody – all within a trusted and regulated bank franchise,” said Kwee Juan Han, DBS’ group head of strategy and planning.

Han said a trend of companies exploring fundraising options through tokenised assets, and growing interest by private investors to expand the share of digital assets in portfolios offered DBS a timely opportunity to launch the bourse.

He said DBS expects its new businesses, including the digital exchange and a carbon exchange to bring in total revenue of S$350 million ($260 million) by the end of next year.

($1 = 1.3432 Singapore dollars)

(Reporting by Anshuman DagaEditing by Shri Navaratnam)

Source Link Singapore bank DBS charts ambitious plans for digital exchange

David Barret
David Barret

Related posts:

  1. Hackers are hiring more English speakers to write believable email scams
  2. JBL Quantum 350 looks like a great affordable wireless gaming headset
  3. Canada trade surplus narrowed in July to C$778 million
  4. Life insurers shift to pre-pandemic norms after COVID vaccine roll-outs

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • The Longest Living Mammals Are Giants That Live Up To 200 Years In The Icy Arctic
  • Entirely New Virus Detected In Bat Urine, And It’s Only The 4th Of Its Kind Ever Isolated
  • The First Ever Full Asteroid History: From Its Doomed Discovery To Collecting Its Meteorites
  • World’s Oldest Pachycephalosaur Fossil Pushes Back These Dinosaurs’ Emergence By 15 Million Years
  • The Hole In The Ozone Layer Is Healing And On Track For Full Recovery In The 21st Century, Thanks To Science
  • First Sweet Potato Genome Reveals They’re Hybrids With A Puzzling Past And 6 Sets Of Chromosomes
  • Why Is The Top Of Canada So Sparsely Populated? Meet The “Canadian Shield”
  • Humans Are In The Middle Of “A Great Evolutionary Transition”, New Paper Claims
  • Why Do Some Toilets Have Two Flush Buttons?
  • 130-Year-Old Butter Additive Discovered In Danish Basement Contains Bacteria From The 1890s
  • Prehistoric Humans Made Necklaces From Marine Mollusk Fossils 20,000 Years Ago
  • Zond 5: In 1968 Two Soviet Steppe Tortoises Beat Humans To Orbiting Around The Moon
  • Why Cats Adapted This Defense Mechanism From Snakes
  • Mother Orca Seen Carrying Dead Calf Once Again On Washington Coast
  • A Busy Spider Season Is Brewing: Why This Fall Could See A Boom Of Arachnid Activity
  • What Alternatives Are There To The Big Bang Model?
  • Magnetic Flip Seen Around First Photographed Black Hole Pushes “Models To The Limit”
  • Something Out Of Nothing: New Approach Mimics Matter Creation Using Superfluid Helium
  • Surströmming: Why Sweden’s Stinky Fermented Fish Smells So Bad (But People Still Eat It)
  • First-Ever Recording Of Black Hole Recoil Captured During Merger – And You Can Listen To It
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version