Singapore bank DBS charts ambitious plans for digital exchange

“We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets,” said Eng-Kwok Seat Moey, head of capital markets at DBS, South-East Asia’s largest bank by assets, and chairperson of the exchange.

SINGAPORE: Singapore’s DBS Group expects to double the number of members on its new platform for cryptocurrency trading to 1,000 by end-December and grow this by 20%-30% annually for the next three years as digital tokens gain acceptability.

In an interview, DBS senior executives said DBS Digital Exchange, set up in December as a members-only bourse, is seeing robust demand from corporate investors, accredited individuals and investment firms that manage the fortunes of wealthy families.