DBS to Be First Bank to Tap New Crypto Platform From SGX Unit

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Signage of DBS Group Holdings Ltd. at DBS Central Asia in Singapore, on Thursday, Aug. 4, 2022. DBS Group Holdings Ltd. said wealth management and investment banking fees dropped in the second quarter as wealthy clients turned cautious amid the global market turmoil, overshadowing net profit that beat estimates. Photographer: Edwin Koo/Bloomberg , Bloomberg

(Bloomberg) -- Singapore’s DBS Group Holdings Ltd. will be the first bank to utilize a digital-asset platform being launched by a unit of SGX Group.

The platform, MaxxDigital, is from SGX’s MaxxTrader, which provides foreign-exchange and risk solutions for institutions. 

Lee Beng Hong, head of FICC at SGX Group, said in an interview that their offering is “trusted, stable, robust institutional grade infrastructure” in a market that’s “relatively inefficient, still relatively fragmented.”

Singapore’s stance on cryptocurrencies has evolved amid 2022’s rout. Regulators are clamping down on risks for retail traders, though the city state continues to seek to become a digital-asset hub beyond that segment.

©2022 Bloomberg L.P.

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