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Tag: DBS

  • DBS Stalwart Joins OCBC to Head Wholesale Banking

    DBS Stalwart Joins OCBC to Head Wholesale Banking

    A DBS veteran will take on a new key position at OCBC, which is part of the bank’s plans to grow and expand across its key markets.

    OCBC has appointed Tan Teck Long as group head of wholesale banking, according to a filing with Singapore Exchange (SGX) on Wednesday.

    Tan joins from DBS Bank, where he has been group chief risk officer since 2018. His previous roles at the bank, which he joined in 2003, include group head of corporate investment banking, China head of institutional banking group based in Shanghai and group head of real estate, building and construction industry.

    In his new role, Tan will have global responsibilities for global corporate banking, global commercial banking, global transaction banking, emerging business, global financial institutions, group investment banking and mezzanine capital unit, the announcement said.

  • DBS Digital Exchange to Grow Security Token Offerings

    DBS Digital Exchange to Grow Security Token Offerings

    The platform plans to tap on the growing popularity of cryptocurrencies and digital assets among corporate investors, accredited individuals and family offices.

    DBS plans to list at least half a dozen security tokens by end-2022 on DDEx, the bank’s institutional-focused digital asset exchange, the exchange’s chairman said on Monday.

    According to Eng-Kwok Seat Moey, who is also head of capital markets, the bank’s position as one of the biggest wealth managers in Asia and its expertise in originating deals in capital markets would help it attract users and grow trading volume.

    The bank listed its first security token on the platform in May 2021, in the form of a S$15 million digital bond.

    Eng-Kwok repeated CEO Piyush Gupta’s target of growing the digital exchange’s investor base to about 1,000 customers this year, and said DBS wants to grow this number by 20-30 percent annually for the next three years as digital tokens gain acceptability.

    DDEx was launched in December 2020 with an initial offering that covered cryptocurrency trading. As of August 2021, it housed around 400 investors with close to S$130 million ($95.8 million) of digital assets in its custodial services.

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  • DBS Receives In-Principle Crypto Approval in Singapore

    DBS Receives In-Principle Crypto Approval in Singapore

    DBS becomes Singapore’s second crypto player to secure an in-principle approval from the Monetary Authority of Singapore to offer token services.

    DBS Vickers – the brokerage arm of DBS – has received in-principle approval from the MAS under the Payment Services (PS) Act to provide digital payment token services, according to a statement.

    As a member of DBS Digital Exchange (DDEx), DBS Vickers will be able to «directly support asset managers and companies to trade in digital payment tokens through DDEx.

    DBS will also upgrade its digital exchange with operations running beyond the previous Asian hours to round-the-clock trading from August 16.

    We have seen keen interest among asset managers and corporates for access to digital payment token services, and with DBSV receiving in-principle approval under the PS Act, we are well-placed to meet this growing demand,» said DBS group head of capital markets Eng-Kwok Seat Moey.

    This could add to DDEx’s volumes in the coming months, and, coupled with DDEx going operational round-the-clock, help accelerate growth for DDEx. We are confident of doubling our investor base by the end of the year.

    DDEx has just completed its second quarter since launching in December 2020 and houses around 400 investors with close to S$130 million ($95.8 million) of digital assets in its custodial services.

    Trading volume in the second quarter reached S$180 million, more than quintupling the previous quarter.

    In June, DDEx listed its inaugural security token offering in the form of a S$15 million digital bond.

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  • DBS Reports Progress on Digital Exchange

    DBS Reports Progress on Digital Exchange

    The Singapore bank, one of the first traditional lenders in the region to launch its own digital exchange, now has S$100 million in digital assets in custody.

    I’m quite pleased, it is going quite well,» chief executive Piyush Gupta said on Tuesday during a briefing with analysts after presenting the bank’s second-quarter 2021 financial results, Blockworks reported.

    The exchange – DDEx – now has around 400 clients and did around $133 million in transactions during the quarter, Gupta said. Its assets under custody are also up 60 percent since May, when it had an investor base of 120 clients and some S$80 million in digital assets under custody.

    At the same time, Gupta said his target was to grow the digital exchange’s investor base to about 1,000 customers this year, adding that he expects the volume to pick up once the exchange extends its trading hours past the Singapore business day.

    DDEx launched in December 2020 with an initial offering that covered cryptocurrency trading of bitcoin, ether, bitcoin cash, and XRP, now expanded to include digital stocks and bonds. In May 2021, the bank launched a crypto trust offering that combined wealth planning services with emerging digital currencies.

    Overall, the bank posted a record-high profit of S$3.71 billion ($2.75 billion) for the first half of 2021, marking 54 percent year-on-year growth.

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  • DBS Reports Progress on Digital Exchange

    DBS Reports Progress on Digital Exchange

    The Singapore bank, one of the first traditional lenders in the region to launch its own digital exchange, now has S$100 million in digital assets in custody.

    I’m quite pleased, it is going quite well,» chief executive Piyush Gupta said on Tuesday during a briefing with analysts after presenting the bank’s second-quarter 2021 financial results, Blockworks reported.

    The exchange – DDEx – now has around 400 clients and did around $133 million in transactions during the quarter, Gupta said. Its assets under custody are also up 60 percent since May, when it had an investor base of 120 clients and some S$80 million in digital assets under custody.

    At the same time, Gupta said his target was to grow the digital exchange’s investor base to about 1,000 customers this year, adding that he expects the volume to pick up once the exchange extends its trading hours past the Singapore business day.

    DDEx launched in December 2020 with an initial offering that covered cryptocurrency trading of bitcoin, ether, bitcoin cash and XRP, now expanded to include digital stocks and bonds. In May 2021, the bank launched a crypto trust offering that combined wealth planning services with emerging digital currencies.

    Overall, the bank posted a record-high profit of S$3.71 billion ($2.75 billion) for the first half of 2021, marking 54 percent year-on-year growth.

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  • DBS Registers Record First-Half Profits

    DBS Registers Record First-Half Profits

    DBS maintained profit momentum in the second quarter, resulting in all-time high performance for the first half.

    DBS registered a record-high profit of S$3.71 billion ($2.75 billion), according to the latest results, marking 54 percent year-on-year growth.

    Total income slipped slightly by 4 percent to S$7.44 billion and expenses inched 3 percent higher to S$3.13 billion but allowances for credit and other losses fell by 95 percent to S$89 million.

    The bank also declared a dividend of S$0.33 per share for the second quarter, bringing the first-half dividend to S$0.51 per share.

    DBS’ strong performance in the first half was also driven by all-time high figures across the board including fee income (20 percent increase to S$1.82 billion), fixed income fees and trading income.

    The second quarter alone was also a strong showing with S$868 million in fee income – the second-highest on record behind the last quarter – resulting in a net profit of S$1.7 billion, a 37 percent increase.

    «We achieved an exceptional first half with the first and second quarters the two highest on record,» said DBS chief executive Piyush Gupta. «Business momentum and asset quality have both been better than expected as the economic recovery from the pandemic takes hold. While risks remain, our pipeline remains healthy and we expect business momentum to be sustained in the coming quarters.»

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  • DBS Appoints Global Head of Transactions Services

    DBS Appoints Global Head of Transactions Services

    DBS has appointed a group head of global transaction services, succeeding John Laurens who will be retiring.

    Lim Soon Chong has been named to the role, according to a statement, effective August 1 this year.

    Laurens, who first joined DBS in 2014, will remain as a senior adviser to support the transition until December 31.

    Lim is currently group head of investment products and advisory for DBS’ consumer banking and wealth management unit as well as group head of product management for global transactions services. Ex-group head of trade product management and 20-year banking veteran Sriram Muthukrishnan will take over Lim’s latter role.

    Lim joined DBS in 2006 and has taken on various senior roles across the bank’s consumer, wealth, corporate treasury, and risk management divisions. He will maintain his role as head of digital for DBS’ institutional banking group.

    We remain committed to efforts to rotate our senior leaders around different functions and markets to hone their business acumen and technical skill sets to ensure they are well equipped to navigate the challenges and opportunities of tomorrow, Lim said.

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  • DBS Starts Commodity Trading on LME

    DBS Starts Commodity Trading on LME

    The bank is the first in Asia to hold a London Metal Exchange (LME) trading membership outside of London.

    DBS is one of four Category 4 members on the LME, which allows it to trade and issue client contracts but doesn’t give it clearing abilities.

    The LME membership paves the way for the bank’s corporate clients in Singapore, China, India, Indonesia, Korea, and Hong Kong to have access to a broader suite of hedging and financial solutions to support the diverse needs of metal businesses, DBS said in an announcement this week.

    It will also provide the bank’s clients in the metals and mining space with the option to access sustainably-produced metal, Tan Su Shan, DBS group head of institutional banking, said.

    Metals are an essential enabler to achieve a sustainable future, and as global demand for the commodity continues to grow exponentially, so will expectations on the industry’s sustainability standards, Tan said.

    The 144-year-old bourse is the global hub for metals trading and was acquired by Hong Kong Exchanges and Clearing in 2012.

  • DBS Starts Commodity Trading on LME

    DBS Starts Commodity Trading on LME

    The bank is the first in Asia to hold a London Metal Exchange (LME) trading membership outside of London.

    DBS is one of four Category 4 members on the LME, which allows it to trade and issue client contracts but doesn’t give it clearing abilities.

    The LME membership paves the way for the bank’s corporate clients in Singapore, China, India, Indonesia, Korea and Hong Kong to have access to a broader suite of hedging and financial solutions to support the diverse needs of metal businesses, DBS said in an announcement this week.

    It will also provide the bank’s clients in the metals and mining space with the option to access sustainably-produced metal, Tan Su Shan, DBS group head of institutional banking, said.

    «Metals are an essential enabler to achieve a sustainable future, and as global demand for the commodity continues to grow exponentially, so will expectations on the industry’s sustainability standards,» Tan said.

    The 144-year-old bourse is the global hub for metals trading and was acquired by Hong Kong Exchanges and Clearing in 2012.

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  • DBS Launches Digital Bond Marketplace

    DBS Launches Digital Bond Marketplace

    The bank is launching a marketplace that for issuers to directly issue their own bonds connect with investors.

    DBS is launching the Fixed Income Exchange (FIX) to digitalize and make the bond issuance process more efficient, the bank announced on Tuesday in a statement.

    FIX allows issuers to directly issue bonds to the marketplace, and fully digitalizes and automates issuance-related documentation. It also supports issuers in generating digital bond-ready transactions, which can be listed and traded on the DBS Digital Exchange (DDEx).

    Keppel Corporation is the first corporate issuer on the platform, with a $1 billion Euro-Commercial Paper Programme.

    With FIX, DBS said it hopes to make capital markets access more time and cost-efficient, while also developing the breadth and depth of Asian bond markets at a faster pace.

    The time is ripe for traditional ways of bond origination to make way for a more digital approach, to do what has been aspired for so long – by taking the first step towards the creation of an independent platform that allows bond issuers efficient and effective direct access to the market place and bond investors, Clifford Lee, global head of fixed income at DBS, said in the announcement.

    Just last week, domestic rival UOB piloted the digital issuance of its latest bond offering on exchange-operated digital asset issuance platform Marketnode, a joint venture between Singapore Exchange and Temasek.

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  • DBS says Tsunami of Money is Flowing to ESG Investments

    DBS says Tsunami of Money is Flowing to ESG Investments

    Companies that focus on environmental, social, and governance (ESG) tend to be high-performing companies, therefore investing in a basket of ESG stock will you cannot do too badly with a portfolio ESG stock, DBS chief executive Piyush Gupta said.

    The truth is that there is a tsunami of money being directed at ESG investments, and therefore, even if the fundamentals don’t bear out, the supply-demand equation will Gupta said at the virtual CNBC Evolve Global Summit on Thursday.

    ESG assets are expected to bring in $1 trillion in investments, Gupta noted. If nothing else, that’s going to take prices up, he said, responding to a question of whether ESG is a passing fad or long-term strategy.

    DBS recently announced a revised sustainable financing target of S$50 billion ($37.53 billion) by 2024, up from its initial target of S$20 billion.

    The bank said there has been renewed focus on sustainability as a result of the Covid-19 pandemic, and as more companies seek to advance their corporate sustainability agenda through sustainable financing,

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  • DBS Kicks Off Business at Chinese Securities JV

    DBS Kicks Off Business at Chinese Securities JV

    DBS’ securities joint venture in China will officially commence business operations after receiving its license from the mainland regulator.

    Securities joint venture DBS Securities (China) will kick off operations, according to a statement, effective immediately after receiving its securities business license from the China Securities and Regulatory Commission.

    The joint venture will operate brokerage, securities investment consulting, securities underwriting and sponsorships, as well as proprietary trading.

    DBS joins other global banks to capitalize on China’s market-opening especially with regards to the securities business where the likes of J.P. Morgan and Goldman Sachs are seeking to obtain full ownership of their joint ventures.

    Today, DBS Securities is honored to become the first Sino-Singapore securities joint venture, said DBS group chief executive Piyush Gupta. We hope to continue to facilitate China’s economic growth and look forward to contributing to its ‘Dual Circulation’ strategy.

    DBS Securities currently has a registered capital of 1.5 billion yuan ($230 million) and is majority-owned by DBS (51 percent). Other shareholders include Donghao Lansheng Investment Management (24.67 percent), Shanghai Huangpu Investment Holding (13.33 percent), Shanghai Huiyang Asset Management (6.5 percent) and Shanghai Huangpu Guidance Fund Equity Investment (4.5 percent).

  • DBS Expands Digital Exchange Offering

    DBS Expands Digital Exchange Offering

    DBS expands the offering on its digital exchange with its first-ever bond issuance via security token offering.

    DBS has issued a S$15 million ($11.35 million) bond through a security token offering (STO) on its digital exchange, according to a statement.

    The bond has a six-month tenor with a coupon rate of 0.60 percent per annum.

    The issuance was executed via private placement and DBS was the sole bookrunner for the transaction.

    According to the bank, asset tokenization enabled the digital bond can be traded at a significantly smaller minimum of S$10,000 per board lot, further driving liquidity and lowering barriers for investor access.

    While most bond tokenization exercises announced in Asia to date tend to be repackaged forms of a conventional bond issue, the current transaction directly combines existing legal and tax infrastructure requirements with a direct issuance on the digital exchange in smaller lot sizes, said DBS’ global head of fixed income Clifford Lee.

    This bond token structure was only made possible because of the progressive development of Singapore’s legal and tax infrastructure, which can facilitate more STO issuances to broaden and deepen our capital markets.

    According to DBS’ group head of capital markets Eng-Kwok Seat Moey, the bank expects more issuers to leverage asset tokenization for fundraising.

    Our maiden STO listing on the DBS Digital Exchange is a significant milestone, as it highlights the strength of our digital asset ecosystem in facilitating new ways of unlocking value for issuers and investors, he said.

    We expect asset tokenization to increasingly become more mainstream as more of our clients start to embrace security token issuance as part of their capital fundraising exercise which we believe will boost Singapore’s ambitions to be a digital asset hub in Asia.

    DBS’ digital exchange – DDEx – launched in December 2020 with an initial offering that covered cryptocurrency trading.

    Daily trading volumes have increased 10-fold compared to the initial week of the launch, the bank said, with over 120 participants on the exchange and S$80 million of digital assets in custody.

    Earlier this month, the bank launched a crypto trust offering that combined wealth planning services with emerging digital currencies.

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  • DBS Triples Vacancies at Female-Focused Job Fair

    DBS Triples Vacancies at Female-Focused Job Fair

    The second edition of the bank’s virtual career fair sees vacancies for women technologists almost treble to 140.

    The bank is focusing its outreach efforts on filling five engineering roles: Engineering Lead; Solution Architect; ReactJS Developer; Full Stack Developer; and Software Development Engineering in Test, at its Women in Tech» career fair, which is returning in June 2021.

    We believe that by driving diversity in our engineering roles we will be able to incorporate a multiplicity of views and perspectives upstream so as to deliver outstanding digital experiences for our customers, Soh Siew Choo, DBS head of big data/AI and consumer banking technology, said in an announcement on Tuesday.

    Candidates must complete an online assessment by June 8, and shortlisted applicants will be invited to an online hiring day on 12 June 2021.

    According to DBS. there is a strong pipeline for of women for technology roles. The bank received more than 500 applications for 50 job opportunities at its inaugural virtual career fair, held amid the pandemic in October 2020.

    Among the new hires from last year’s edition was Lo Man Ling, vice president of consumer banking digital platform, who joined the bank after more than nine years in the public sector.

    DBS said the share of applications from women rose to over 30 percent, as compared to 5 percent in previous years, and the number of offers made to women also increased about five times, as a result of its efforts to reach out to women.

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  • Singlife Poaches From DBS

    Singlife Poaches From DBS

    A veteran in the financial services industry and longtime DBS manager joins Singapore’s Aviva Singlife as its new group CEO.

    Pearlyn Phau Yee Meng will join Singapore’s Aviva Singlife as Executive Director and group CEO, the firm announced in a media release on Monday.

    Subject to regulatory approval, Phau Yee Meng’s appointment as group CEO will be effective on 18 August 2021. Also subject to regulatory approval, she will take on additional roles as executive director and CEO of both of the Group’s two Singapore licensed insurers, Singlife and Aviva Singapore. The scheme of transfer that will combine the two entities has been approved by the Monetary Authority of Singapore (MAS). It is now subject to the approval of Singapore courts and is expected to complete later this year.

    Following Phau Yee Meng’s appointment in August, Nishit Majmudar, currently CEO of Aviva Singapore, will step down from his executive and board roles and become a senior advisor to the board. Walter de Oude, who has acted as group CEO prior to Phau Yee Meng’s appointment, will continue on the board as deputy chairman, Aviva Singlife Holdings. Both will therefore be well placed in their respective roles to assist Phau Yee Meng and ensure a smooth transition into her new role, the release states.

    A veteran in the financial services industry, Phau Yee Meng has held various senior leadership roles within DBS Group, both in Singapore and Hong Kong. She is currently the group head of consumer products, marketing and ecosystem partnerships with oversight across the product lines in the region and a mandate to scale growth exponentially via strategic partnerships. Prior to this, Phau Yee Meng was the deputy group head of consumer banking & wealth management and has also spent four years in Hong Kong as the head of consumer banking & wealth management, DBS Bank Hong Kong.

    Phau Yee Meng, a Singaporean, has an exceptional track record of executing key strategies and business transformation initiatives across regional retail and wealth franchises, including being a key driver of emerging digital banking strategies. She was also instrumental in the negotiation, construction, management and delivery of DBS’ principal bancassurance partnerships and has built a deep network within the wider insurance community in Singapore and the region.

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