<p>DBS Bank, a key player in Singapore’s banking sector, has unveiled a substantial reorganization of its operational framework, which includes its digital asset exchange business, DDEx.</p><h2 id="header-0">Global Financial Markets (GFM)</h2><p>Effective March 1 DBS will <a href="https://www.reuters.com/markets/sinapores-dbs-merge-capital-markets-brokerage-with-treasury-markets-2024-02-02/" rel="noopener noreferrer nofollow">consolidate</a> its equity capital markets, brokerage arm DBS Vickers and the DBS Digital Exchange (DDEx) into its Treasury Markets division. In doing so, it will form a unified entity known as Global Financial Markets (GFM). This amalgamation underscores DBS’s intention to merge conventional financial services with the burgeoning digital assets landscape, contributing towards a new era of financial integration and innovation.</p><p>DDEx, a members-only exchange facilitating exposure to digital assets for accredited investors, financial institutions and family offices, will now operate under the umbrella of GFM. This strategic integration aims to leverage the synergies between traditional and digital financial spheres, positioning DBS at the forefront of transformative financial solutions.</p><h2 id="header-1">DDEx founder retires</h2><p>The announcement of this restructuring coincides with the retirement of Eng-Kwok Seat Moey, a revered figure within DBS, whose 36-year tenure has left an indelible mark on the bank’s trajectory. Eng-Kwok’s contributions to DBS’s equity capital markets and the development of Singapore’s REITs industry are widely recognized, as is her pivotal role in spearheading the DBS Digital Asset Ecosystem (DAE) and the founding of DDEx.</p><p>Under her stewardship, DBS has consistently ranked atop regional league tables, driving innovation and excellence in Singapore’s financial landscape. Eng-Kwok’s legacy extends to her instrumental role in establishing the DBS Digital Asset Ecosystem (DAE), a pioneering initiative offering a spectrum of digital asset services, including origination, distribution, custody and trading.</p><p>Andrew Ng, the current head of Treasury Markets, assumes leadership of the newly formed GFM group. His expertise will be instrumental in navigating the complexities of global finance, blending traditional market mechanisms with the innovative potential of digital assets. Clifford Lee, renowned for his proficiency in fixed income, will expand his purview to encompass investment banking, overseeing both debt and equity capital markets alongside his responsibilities at DBS Vickers.</p><h2 id="header-2">Capitalizing on complementary strengths</h2><p>The consolidation of DBS’s financial arms not only aims to streamline operations but also seeks to capitalize on the complementary strengths of traditional and digital financial domains. Piyush Gupta, CEO of DBS, expressed confidence in the merger’s ability to unlock greater synergies, enabling the bank to deliver a comprehensive suite of financial solutions to its clientele.</p><p>DDEx has been at the forefront of digital asset trading in Asia, witnessing significant growth in bitcoin and ether transactions in recent years. Notably, DDEx has explored avenues such as security token offerings (STOs) and it has <a href="https://coinnesslive.page.link/9UeYZwSVMPACCMpv5" rel="noopener noreferrer nofollow">ventured</a> into the metaverse realm with investments in projects like <a href="https://coinnesslive.page.link/rSSs58GRnyvEysdy8" rel="noopener noreferrer nofollow">The Sandbox</a>. Additionally, DBS’s Chinese subsidiary <a href="https://coinnesslive.page.link/w7gXJ152kKYo5RmM6" rel="noopener noreferrer nofollow">launched</a> a digital yuan merchant solution, facilitating payments in the new currency for mainland enterprises.</p><p>As DBS embarks on this latest transformation, the integration of digital assets into its core financial operations underscores its interest in innovation within a rapidly evolving financial landscape.</p>

DBS Bank integrates DDEx into new global financial markets unit

Table of Contents

CoinNess Global

Other articles published on Feb 8, 2024

Latin America Prepares for the Most Important Event in the Financial Markets and Trading Ecosystem

Next Cryptocurrency to Explode Wednesday, February 8 – Hedera, Lido DAO, Cronos

CCData and BMLL join forces for Crypto and FX data solutions: Level 3

Report Warns of AI’s Impact on Fundraising Ethics and Jobs

Wemade investigated for dodging reporting duties

Ethereum (ETH) Trader Pockets $166K Profit With Smart Moves: Details

Join our free newsletter for daily crypto updates!