No Result
View All Result
Absolute Wellness
  • Home
  • Fashion
    Tenniscore Looks to Wear On and Off the Court

    Tenniscore Looks to Wear On and Off the Court

    Why Runway Models Don’t Smile

    Why Runway Models Don’t Smile

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Parade is Done with Gender + Other Fashion News

    Parade is Done with Gender + Other Fashion News

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    Regency Style Has Finally Gone Too Far

    Regency Style Has Finally Gone Too Far

  • Beauty
    • All
    • Beauty
    • Fashion
    • Lifestyle
    • Travel
    Forward Singapore: DPM Wong lays out future roadmap, stresses need to refresh “social compact”

    Forward Singapore: DPM Wong lays out future roadmap, stresses need to refresh “social compact”

    8th edition of Malabar River Festival to be organised in August

    This latest plug-in by Lalamove cuts down manual delivery processes for SMEs & home sellers

    This latest plug-in by Lalamove cuts down manual delivery processes for SMEs & home sellers

    Once plastic polluting M’sian rivers, they’re now being repurposed as functional home decor

    Once plastic polluting M’sian rivers, they’re now being repurposed as functional home decor

    Sandwiching fried chicken in doughnuts is how he’s introducing American fair food in M’sia

    Sandwiching fried chicken in doughnuts is how he’s introducing American fair food in M’sia

    S’pore was right about Covid after all, as New Zealand and Taiwan fall behind on death rates

    S’pore was right about Covid after all, as New Zealand and Taiwan fall behind on death rates

    Trending Tags

    • Best Dressed
    • Oscars 2017
    • Golden Globes
    • Fashion Week
    • Red Carpet
    • D.I.Y. Fashion
    • Celebrity Style
  • Lifestyle
  • Travel
  • Home
  • Fashion
    Tenniscore Looks to Wear On and Off the Court

    Tenniscore Looks to Wear On and Off the Court

    Why Runway Models Don’t Smile

    Why Runway Models Don’t Smile

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Regé-Jean Page is Armani’s New Fragrance Muse + More Beauty News

    Parade is Done with Gender + Other Fashion News

    Parade is Done with Gender + Other Fashion News

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    Texture Talk: A Guide to Toronto’s Best Curly Hair Salons

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    How the Eagle Inspired These Two-Spirit Jewellery Designers

    Regency Style Has Finally Gone Too Far

    Regency Style Has Finally Gone Too Far

  • Beauty
    • All
    • Beauty
    • Fashion
    • Lifestyle
    • Travel
    • Uncategorized
    Forward Singapore: DPM Wong lays out future roadmap, stresses need to refresh “social compact”

    Forward Singapore: DPM Wong lays out future roadmap, stresses need to refresh “social compact”

    8th edition of Malabar River Festival to be organised in August

    This latest plug-in by Lalamove cuts down manual delivery processes for SMEs & home sellers

    This latest plug-in by Lalamove cuts down manual delivery processes for SMEs & home sellers

    Once plastic polluting M’sian rivers, they’re now being repurposed as functional home decor

    Once plastic polluting M’sian rivers, they’re now being repurposed as functional home decor

    Sandwiching fried chicken in doughnuts is how he’s introducing American fair food in M’sia

    Sandwiching fried chicken in doughnuts is how he’s introducing American fair food in M’sia

    S’pore was right about Covid after all, as New Zealand and Taiwan fall behind on death rates

    S’pore was right about Covid after all, as New Zealand and Taiwan fall behind on death rates

    Trending Tags

    • Best Dressed
    • Oscars 2017
    • Golden Globes
    • Fashion Week
    • Red Carpet
    • D.I.Y. Fashion
    • Celebrity Style
  • Lifestyle
  • Travel
No Result
View All Result
Absolute Wellness

DBS Vickers receives MAS approval for crypto trading services

administrator by administrator
August 13, 2021
in Lifestyle
0
Share on FacebookShare on Twitter

DBS Vickers, the brokerage arm of DBS Bank, announced yesterday (August 12) that it has received in-principal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PS Act) to provide digital payment token services as a major payment institution.

This makes them Singapore’s second crypto player to secure an in-principle approval from MAS to offer token services, after Australian crypto exchange Independent Reserve was allowed to operate as a fully regulated digital asset service provider last week.

According to the press release, DBS Vickers — which is part of the DBS Digital Exchange (DDEX) — will be able to directly support asset managers and companies to trade in digital payment tokens once they receive the full license.

It is currently still unclear when the service will be rolled out as DBS Vickers is working through the necessary follow-ups towards meeting MAS’ requirements for the operating licence.

Eng-Kwok Seat Moey, Group Head of Capital Markets at DBS, commented: “We are pleased to have made steady progress on our digital asset ecosystem in the six months since we launched the DDEx last year, and this shows in our trading and custody activity.”

“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.”

Eng-Kwok Seat Moey, Group Head of Capital Markets at DBS
Eng-Kwok Seat Moey, Group Head of Capital Markets at DBS / Image Credit: Bitcoin Channel

“We are confident of doubling our investor base by the end of the year. This bodes well for our ability to provide integrated solutions across the digital asset value chain notably in the form of STOs, leveraging DBS’ expertise in deal origination to tokenisation, listing, distribution, trading and custody. This will contribute to Singapore’s ambitions to be a digital asset hub in Asia,” she added.

View this post on Instagram

A post shared by • Vulcan Post • (@vulcanpost)

Steady growth of digital exchange

Since the launch of DBS’ digital exchange, around 400 institutional and accredited investors have been onboarded to trade on the exchange as at end-June 2021. This is up from just 120 investors the quarter before, representing a growth of more than 233 per cent growth in numbers.

The digital exchange, also recorded close to S$180 million in total trading value in the second quarter this year, more than five times the value traded in the previous quarter. The bank also revealed that it has over S$130 million in digital assets in its custodial services. 

Currently, traders are able to trade four cryptocurrencies on the DBS Digital exchange: Bitcoin, Ether, Bitcoin Cash and XRP.

In the previous earnings call, DBS’ CEO Piyush shared an optimistic view of the future of cryptocurrency.

I do think given the amount of interest in all the four cryptos that we trade now, that interest is quite high. And therefore, I do think it will pick up. But whether it picks up to tens of millions, or hundreds of millions of income over the next few years, it’s hard to say.

So my thinking is, we should get in there, figure it out and grow and then we’ll get a better sense for how big this could be in time.

– Piyush Gupta, DBS CEO

MAS continues to sift through applications

Other than DBS Vickers, a few other applicants were recently notified by MAS recently that they too will be granted the payment services licenses under the Payment Services Act.

They are among the first batch of licenses recipient to be able to operate digital payment token services in Singapore.

MAS also shared with Forkast News that they have received over 170 license applications by digital payment token service providers. Thirty applications were withdrawn after engagement with MAS, and two were rejected.

Featured Image Credit: DBS Vickers / Edgar Su via Reuters


Cryptocurrency and blockchain technology is a key content pillar for Vulcan Post. You can find the rest of our cryptocurrency coverage here.


Also Read

A map of the crypto landscape in S’pore: who are the key players cashing in on the boom?

The post DBS Vickers receives MAS approval for crypto trading services appeared first on Vulcan Post.

Source

Tags: cryptocurrencyDBSDBS DEXDBS VIckers cryptoDDEXFintechNews ReaderPayment Services ActSingaporean
Previous Post

Razer Pay couldn’t survive the M’sian e-wallet scene, 5 possible reasons for its exit

Next Post

MCO pushed this florist to start a cafe that now earns RM200K/month even without dine-ins

administrator

administrator

Next Post
MCO pushed this florist to start a cafe that now earns RM200K/month even without dine-ins

MCO pushed this florist to start a cafe that now earns RM200K/month even without dine-ins

Search

No Result
View All Result
Absolute Wellness

© 2020 JNews - AbsoluteWellness.Com

Links

  • Home
  • Fashion
  • Beauty
  • Lifestyle
  • Travel

Follow Us

No Result
View All Result
  • Home
  • Fashion
  • Beauty
  • Lifestyle
  • Travel

© 2020 JNews - AbsoluteWellness.Com