The DBS (Development Bank of Singapore) is Singapore's largest private and commercial bank. The bank believes that digital assets are the future of the global economy. As a result, they are planning to launch the DBS Digital Exchange platform.
DBS was founded on July 16, 1968 by the Singapore government, and today has more than 100 branches across the island. In terms of its total assets, DBS is the largest bank in South-East Asia, and is one of the largest banks in the entire Asian region. Now, they are moving into the crypto-currency space with their Digital Exchange platform, offering the following 3 services:
- Trading with Cryptocurrencies
- Custody of Cryptocurrencies
- A platform for the implementation of Security Token Offerings
Planned Crypto services of DBS
The platform is currently still under development, as a spokesman for the DBS said:
"DBS's plans for a digital exchange are still in progress and have not yet received official approvals. As long as the permits have not been obtained, no further announcements will be made."
Which currencies will be supported?
DBS Digital Exchange will support the following five crypto currencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
The supported Fiat currencies are:
- US Dollar
- Singapore Dollar
- Hong Kong Dollar
- Japanese Yen
Advantages of the DBS Digital Exchange
The digital assets are not stored at the digital exchange itself, but at DBS Bank (which is known worldwide for its custody services). In addition, the DBS Digital Exchange will enable small and medium sized companies as well as large corporations to issue security tokens.
The following benefits are highlighted by DBS (as DBS is regulated by the Singapore) Monetary Authority (MAS):
- Guarantee of institutional security
- Robust measures to prevent fraudulent activities
- Strict compliance with regulations to combat money laundering and terrorist financing
