Singapore bank plans ambitiously for digital exchange

Illustrative photo (Source: dbs.com.sg)

Singapore (VNA) - Singapore’s multinational financial and banking firm 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 percent annually for the next three years as digital tokens gain acceptability.

In an interview, DBS 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.

The firm is growing very rapidly, with investors gradually exploring cryptocurrencies and digital assets, said Eng-Kwok Seat Moey, head of capital markets at DBS, South-East Asia’s largest bank by assets, and chairperson of the exchange.

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 company’s aim is 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, according to Kwee Juan Han, DBS’ group head of strategy and planning./.

VNA