The brokerage arm of Singapore’s DBS Bank has received approval “in principle” from the country’s financial regulator to start offering cryptocurrency-related services to asset managers and corporations.
DBS Vickers received the go-ahead from the MAS [Monetary Authority of Singapore] under the country’s Payment Services Act, consistent with an official announcement today Thursday.
Earlier in 2019, the city-state passed its payment act, requiring all-digital payment service providers to receive licensing to work.
When its license is granted, the bank revealed that it’ll be ready to directly support managers and corporations via its DDex [DBS Digital Exchange], where they will work towards gaining access to its digital payment token services.
DBS revealed that it’s one among the primary few financial institutions to receive such approval from MAS. The bank also added that it’s working through the required steps with attention to meeting MAS’ requirements.
It follows on from DBS having issued a S$15 Mln [US$11.3 Mln] digital bond in its first security token offering via DDex that was completed by way of a private placement earlier in May.
“We are pleased to possess made steady progress on our digital asset ecosystem within the 6 months since we launched the DDEx last year,” outlined Eng-Kwok Seat Moey, group head of capital markets at DBS. “We have seen keen interest among asset managers as well as corporates for access to digital payment token services.”