DBS aims to double its investor base in DDEx by end of the year

The DDEx will operate 24/7 to increase trade volume amidst growing client demand.

DBS announced that its brokerage arm, DBS Vickers (DBSV) has received in-principle approval from the Monetary Authority of Singapore (MAS), under its Payment Services Act, to provide digital payment token services as a major payment institution.

This makes DBSV one step closer to receiving a license from the MAS, which would then allow the DBS Digital Exchange (DDEx) to directly support asset managers and companies to trade in digital payments through its platform.

“We have seen keen interest among asset managers and corporates for access to digital payment token services, and with DBSV receiving in-principle approval under the PS Act, we are well-placed to meet this growing demand. This could add to DDEx’s volumes in the coming months, and, coupled with DDEx going operational round the clock, help accelerate growth for DDEx. We are confident of doubling our investor base by the end of the year,” said DBS Group Head of Capital Markets Eng-Kwok Seat Moey in a press statement.

Connected to this goal, the DDEx will go 24/7 to increase trade volume amidst growing client demand.