Thursday, 23 September 2021

DBS to launch full-service digital exchange - providing tokenisation, trading and custody ecosystem for digital assets

Singapore, 10 Dec 2020 - DBS today announced that it will set up a digital exchange, enabling Institutional Investors and Accredited Investors to tap into a fully integrated tokenisation, trading and custody ecosystem for digital assets.With the DBS Digital Exchange, DBS will leverage blockchain technology to provide an ecosystem for fund raising through asset tokenisation and secondary trading of digital assets including cryptocurrencies. This includes:

The announcement follows the in-principle approval by the Monetary Authority of Singapore to recognise DBS Digital Exchange as a Recognised Market Operator[1], allowing it to operate organised markets for assets such as shares, bonds and private equity funds.

It was estimated that in 2019, the global daily trading value on the world’s digital exchanges ranged from USD 50 billion to USD 100 billion[2].

Piyush Gupta, Group CEO, DBS, said, “The exponential pace of asset digitalisation provides immense opportunities to reshape capital markets. For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading. DBS is committed to accelerating the development of a fully integrated ecosystem to facilitate this. We believe that this is the first of its kind integrated offering, which is differentiated in many ways.”

Setting the DBS Digital Exchange apart

The DBS Digital Exchange is a members-only exchange for Institutional Investors and Accredited Investors.

Members will benefit from DBS Group’s deep capabilities in multiple areas. These include:

Singapore Exchange to take a stake in the DBS Digital Exchange

Singapore Exchange (SGX) will take a 10% stake in the DBS Digital Exchange. Both parties will explore opportunities to deepen the liquidity, scale and growth of Singapore’s capital markets in the growing area of digital assets and digital currencies.

Loh Boon Chye, CEO of SGX, said, “We are excited to apply our strengths in market infrastructure and risk management to this venture. There are significant opportunities to bring trust and efficiency in price discovery to the global digital assets space. We look forward to working closely with DBS to advance Singapore’s standing as a multi-asset international financial centre.”

DBS has been recognised as the World’s Best Bank for the third year in a row, underscoring the bank’s growing presence among banking leaders worldwide. DBS’ latest global best bank accolade comes from New York-based financial publication Global Finance, which named DBS ‘Best Bank in the World’ for the second time in three years in its World’s Best Global Banks 2020 Awards.

 

Re-disseminated by The Asian Banker

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Finance Thailand 2021
19 October 2021