DBS Digital Exchange sees growing business momentum
Singapore.11 Nov 2021
DDEx participants include banks, a Central Bank and other digital asset exchanges
Singapore, 11 Nov 2021 - DBS announced today that its digital asset ecosystem, anchored by the DBS Digital Exchange (DDEx), has enjoyed strong business momentum since it went operational 24/7 in August this year. In the two full months since, DDEx recorded trading volumes surpassing the total trading volume of the first eight months of the year by 40%. DBS also recorded over SGD 600 million in digital assets under custody as at the end of October, triple the amount recorded in the previous month
In a vote of confidence in DBS’ ability to provide robust end-to-end solutions across the digital asset value chain, DDEx has also seen a growing number of corporate and institutional customers among its participants.
Among the corporate and institutional customers onboarded to DDEx are established banking and financial institutions, a Central Bank, and even other digital asset exchanges. By participating in DDEx, digital asset exchanges gain round-the-clock access to a whole host of market makers trading on DDEx’s trusted platform. Digital asset exchanges also benefit from adjacent strengths in DBS’ broader digital asset ecosystem, for instance, leveraging the bank’s API solutions to provide frictionless payments and collections journeys for their own customers, or by tapping on the bank’s digital asset custody services. DDEx has onboarded over 500 participants to date.
Noting that the strong momentum that DBS has seen in its digital asset business bodes well for Singapore’s ambition to become a key player in the global cryptocurrency economy, Eng-Kwok Seat Moey, Group Head of Capital Markets and Chair of the DBS Digital Exchange, said, “Becoming a participant of DDEx opens many gateways for our customers to access the burgeoning cryptocurrency and digital asset economy. What DBS has established is a holistic ecosystem to serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody, all within a trusted and regulated bank environment. As Singapore continues to establish itself as a hub for digital asset businesses, DBS is leading the way by helping our customers capture value while staying true to our tenets of safety and security.”
DDEx was launched in December 2020, enabling corporate and institutional investors, accredited individuals, and family offices to access an integrated suite of solutions across the digital asset value chain. Since then, DBS has achieved a number of significant milestones in its digital asset ecosystem, including:
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
In a vote of confidence in DBS’ ability to provide robust end-to-end solutions across the digital asset value chain, DDEx has also seen a growing number of corporate and institutional customers among its participants.
Among the corporate and institutional customers onboarded to DDEx are established banking and financial institutions, a Central Bank, and even other digital asset exchanges. By participating in DDEx, digital asset exchanges gain round-the-clock access to a whole host of market makers trading on DDEx’s trusted platform. Digital asset exchanges also benefit from adjacent strengths in DBS’ broader digital asset ecosystem, for instance, leveraging the bank’s API solutions to provide frictionless payments and collections journeys for their own customers, or by tapping on the bank’s digital asset custody services. DDEx has onboarded over 500 participants to date.
Noting that the strong momentum that DBS has seen in its digital asset business bodes well for Singapore’s ambition to become a key player in the global cryptocurrency economy, Eng-Kwok Seat Moey, Group Head of Capital Markets and Chair of the DBS Digital Exchange, said, “Becoming a participant of DDEx opens many gateways for our customers to access the burgeoning cryptocurrency and digital asset economy. What DBS has established is a holistic ecosystem to serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody, all within a trusted and regulated bank environment. As Singapore continues to establish itself as a hub for digital asset businesses, DBS is leading the way by helping our customers capture value while staying true to our tenets of safety and security.”
DDEx was launched in December 2020, enabling corporate and institutional investors, accredited individuals, and family offices to access an integrated suite of solutions across the digital asset value chain. Since then, DBS has achieved a number of significant milestones in its digital asset ecosystem, including:
- In October, DBS Vickers, the brokerage arm of DBS Bank, became the first bank-backed brokerage to receive formal approval from the Monetary Authority of Singapore under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.
- In August, DDEx became operational round-the-clock, enabling DDEx’s participants to trade on the bourse at any time.
- In June, DDEx listed its inaugural Security Token Offering in the form of an SGD 15 million digital bond.
- In May, DBS Private Bank rolled out Asia’s first bank-backed trust solution for cryptocurrencies.
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About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
