MAS to License DBS’ Brokerage Arm for Digital Payment Token Services

DBS Vickers (DBSV), the brokerage arm of DBS Bank, has received in-principle approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide digital payment token services.

DBSV is one of the first few financial institutions to obtain such an approval following that of Independent Reserve, an Australian cryptocurrency exchange.

Once licensed, DBSV, as a member of the DBS Digital Exchange (DDEx), will be able to directly support asset managers and companies to trade in digital payment tokens through the exchange.

Read more: Fintech News Singapore