Singapore to approve DBS for digital payment token services in milestone for DDEx
DBSV, a member of DBS Digital Exchange (DDEx), will then be able to directly support asset managers and companies to trade in digital payment tokens through DDEx.

DBS Vickers, the brokerage arm of Singapore-based DBS Bank, has received in-principle approval from the Monetary Authority of Singapore to provide digital payment token services.
Singapore has become one of the most crypto-friendly jurisdictions in the world and the country’s financial watchdog is authorizing firms under the Payment Services Act (PS Act).
The license will come as an important milestone for DBS as it executes its asset digitalization strategy. The firm is said to be taking the necessary steps toward meeting MAS’ requirements for the regulatory approval.
DBSV, a member of DBS Digital Exchange (DDEx), will then be able to directly support asset managers and companies to trade in digital payment tokens through DDEx.
DDEX will start to operate round-the-clock from 16 August onwards, thus enabling its members to trade on the exchange at any time and gain exposure to opportunities and risk arising from cryptocurrency spot prices. The venue is a members-only exchange for Institutional Investors and Accredited Investors.
The digital asset exchange has already onboarded circa 400 investors by end of June 2021, amounting to SGD 180 million of total trading value in Q2 2021. DBS has over SGD 130 million in digital assets in its custodial services.
In the meantime, DBS is setting up its infrastructure for Security Token Offerings (STOs), with DDEx listing its inaugural STO in June in the form of an SGD 15 million digital bond.
Eng-Kwok Seat Moey, Group Head of Capital Markets at DBS, commented: “We are pleased to have made steady progress on our digital asset ecosystem in the six months since we launched the DDEx last year, and this shows in our trading and custody activity.
“We have seen keen interest among asset managers and corporates for access to digital payment token services, and with DBSV receiving in-principle approval under the PS Act, we are well-placed to meet this growing demand. This could add to DDEx’s volumes in the coming months, and, coupled with DDEx going operational round the-clock, help accelerate growth for DDEx”, Seat Moey added.
“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 STOs, leveraging DBS’ expertise in deal origination to tokenisation, listing, distribution, trading and custody. This will contribute to Singapore’s ambitions to be a digital asset hub in Asia.”