DBS Revamps Operations: Integrates Digital Exchange Into New Global Financial Markets Unit

Singapore-based banking giant DBS has announced that it will merge its equity capital markets, brokerage arm DBS Vickers, and the pioneering DBS Digital Exchange (DDEx) with its Treasury Markets business, effective 1 March 2024.

DDEx is the bank’s members-only exchange which offers accredited investors, financial institutions, and family offices exposure to digital assets, namely security tokens and cryptocurrencies. 

This newly formed conglomerate will operate under the banner of Global Financial Markets (GFM), according to an announcement on Friday, signaling a bold step towards integrating traditional financial services with the burgeoning digital assets sector.

The merger comes on the heels of the retirement of Eng-Kwok Seat Moey, a stalwart in the DBS hierarchy, whose departure after 36 years marks the end of an era. Eng-Kwok, who has been instrumental in cementing DBS's reputation in equity capital markets and the development of the REITs industry in Singapore and beyond, also played a pivotal role in establishing the DBS Digital Asset Ecosystem (DAE) and founding DDEx.

Andrew Ng, currently at the helm of Treasury Markets, is set to lead the GFM group. His leadership will be crucial in navigating the merged entity through the complexities of global finance, blending traditional market mechanisms with the innovative potential of digital assets. Clifford Lee, with his extensive background in fixed income, will expand his role to include oversight of investment banking, encompassing both debt and equity capital markets, in addition to his duties with DBS Vickers.

This consolidation aims not just at streamlining operations but also at harnessing synergies between the conventional and digital financial realms, DBS said. Piyush Gupta, CEO of DBS, expressed confidence that the merger would unlock greater synergies and enable DBS to offer a more holistic suite of financial solutions to its customers.