Is DBS a payment bank?

Is DBS a payment bank?

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The Monetary Authority of Singapore (MAS), the country’s central bank, has officially approved two companies to provide encryption services. One is the brokerage arm of DBS, the largest bank in Singapore and Southeast Asia. The other is Independent Reserve, a cryptocurrency exchange and OTC trading desk.

DBS Bank announced Friday that its brokerage arm, DBS Vickers (DBSV), “has received formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide payment services. Digital Payment Tokens as a major payment institution.” .

The bank explained, “This will enable DBSV, as a member of DBS Digital Exchange (Ddex), to directly assist asset managers and businesses in trading digital payment tokens through Ddex. “

Having received formal regulatory approval from MAS, DBSV is now in a better position to help institutional investors and corporates take advantage of the growing potential of digital assets as an investment class.

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DBS Bank, Singapore’s largest bank with more than 4 million customers, is working to expand its cryptocurrency exchange beyond its current investor base of institutional customers.

During the call, Gupta was asked if DBS Bank has a roadmap for implementing digital asset trading for retail investors. While the CEO did not provide a direct answer, he did say that DBS Bank initiated some work to expand its current investor base, stating:

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“We started doing the work to see how we get in a sensible way, get it out and expand it beyond the current investor base. And that includes making sure we think appropriately about things like potential fraud and so on.”

Cointelegraph says the CEO hinted that DBS Bank would not be able to support retailers for its crypto exchange before completing that work, expecting to finalize related developments by the end of 2022.

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Similarly, customers will be able to make any payment, simply by requesting it with a message, “Can you pay my mobile bill?” DBS will process the request and make the payment, upon identification of the correct payee.

“With the launch of this service, they no longer have to leave their favorite mobile messaging app to carry out their banking transactions. Customers can chat with their bank as they would with their contacts and we take care of the rest with a strong focus on security. It’s as simple as that.”

DBS is already known for its innovative streak. In April, it launched “digibank,” India’s first mobile-only bank, a revolutionary offering that combines a variety of groundbreaking technologies, from biometrics to artificial intelligence (AI), to offer its customers a completely new banking system.

In any case, DBS is not the first bank to make the decision to try to reach out to its customers through messaging apps or using a conversational agent. For example, ING announced a similar initiative in September, although it does not initially include a conversational banking option; and German digital bank N26 and Paypal already allow their customers to make and receive payments using Siri.

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Approval is granted under the Singapore Payment Services Act, which paves the way for the DBSV payment license. Once the license is obtained, the company will be able to trade directly with asset managers and companies that trade digital token payments through the bank’s cryptocurrency exchange, DBS Digital Exchange (DDEx).

DBS Bank has actively expanded its range of digital asset-related services after setting up a cryptocurrency exchange last December. In May, DBS Private Bank launched a cryptotrust solution through its specialist trust subsidiary, DBS Trustee. It previously announced that it had increased the volume of its cryptocurrency exchange tenfold in the first quarter of 2021.

The news comes shortly after the MAS last week issued the first in-principle approval for Australian cryptocurrency exchange Independent Reserve, allowing the company to operate as a fully regulated digital asset service provider.

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