DBS bank approved by MAS! DBS Vicker launched cryptocurrency payment transactions

DBS Vickers(DBSV), the securities business unit of DBS Bank (DBS), announced on Thursday that it has received permission from the Monetary Authority of Singapore (MAS), DBS's crypto exchange DDEx will act as a payment institution and provide digital payment services, starting Monday, August 16, seven days a week." The licensing of

is based on MAS 'authorization under the Payment Services Act passed in 2019, which requires all digital payment service providers in Singapore to obtain authorization from the authorities. After the approval of DBS, asset management companies and corporate entities can use digital currency transactions and payment services through DDEx. However, while MAS has given the nod, DBS is also taking relevant necessary adjustments to fully comply with MAS specifications." As previously reported by

, DDEx was launched at the end of 2020 to support transactions in mainstream currencies such as Bitcoin (BTC) and Ether (ETH) in each country's fiat currency. But trading hours are limited to 9am to 4pm Monday to Friday." Today, business operations are moving from traditional business hours to the 24-hour world of cryptocurrencies. Eng-kwok Seat Seaty, head of DBS Capital Markets Group, predicts that the MAS license will significantly increase transaction volume in the coming months. Coupled with round-the clock operations, Helps accelerate the growth of DDEx.

Eng-Kwok Seat Seaty said DBS has seen increasing demand for digital payment token services from companies and asset managers and is now confident of doubling its investor client base by the end of the year with the nod from MAS: This bodes well for our ability to offer integrated solutions across the digital asset value chain, particularly in the form of STOs, leveraging DBS 'expertise from transaction origination to tokenisation, listing, distribution, trading and custody. "This will help Singapore become Asia's hub for digital assets." DBS has been actively expanding the range of digital asset services it supports since launching cryptocurrency exchange DDEx in December last year. In May, DBS Private Bank launched a cryptocurrency trust solution through its wholly-owned trust company DBS Trustee. It also announced that DDEx's trading volume increased tenfold in Q1 2021.