Singapore’s top-tier bank, DBS Bank, has reportedly managed to obtain an additional regulatory greenlight, to offer a wider range of facilitated crypto offerings. 

Specifically, the brokerage-focus branch of DBS Bank – DBS Vickers (DBSV) – has successfully acquired in-principle go-ahead from the Monetary Authority of Singapore (MAS), to roll out digital payment token services as a payment institution. 

The regulatory greenlight was authorized within the scope of Singapore’s Payment Services Act, setting the stage for DBSV’s payment license. Upon receiving the proper license, the company will have the ability to release facilitating features for asset managers, as well as establishments trading in digital payment tokens, in a direct manner, via DBS Bank’s cryptocurrency-enabled exchange, DBS Digital Exchange (DDEx).

Cooperatively with the MAS greenlight update, DBS further revealed details of DDEx’s decision to get its operations up and running 24/7, starting August 16th, enabling trading for investors across the platform at any given period. 

Officially rolled out in the latter half of last year, DDEx reportedly offers supporting features for high-profile crypto coins, nominally Bitcoin (BTC), Ether (ETH), XRP and Bitcoin Cash (BCH), with institutional investors being the sole demographic they cater to. 

Eng-Kwok Seat Moey, group head of capital markets at DBS Bank, reportedly remarked that the firm has witnessed an increase in demand throughout corporates and asset managers for digital payment token services. 

“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”