Singaporean banking group DBS has reported strong growth in its digital asset ecosystem, with the DBS Digital Exchange (DDEx) recording over S$1.1 billion (US$816.7 million) in trading value for the financial year 2021.

Momentum picked up significantly after the exchange went operational 24/7 in August 2021, with trading values in the fourth quarter coming close to S$800 million – five times higher than that in the previous quarter.

As of December 31 2021, the bank’s digital assets under custody surpassed S$800 million, which was four times higher than the amount recorded at the end of the third quarter.

A members-only exchange, DDEx provides a platform for corporate and institutional investors, accredited investors, and family offices who bank with DBS, to tap into the growing digital asset economy.

Lionel Lim, chief executive officer of DDEx, shares: “With more customers searching for a trusted gateway to access the digital asset and cryptocurrency economy, we have seen strong interest in the services offered by DDEx over the past year. These include our integrated fiat trading capabilities for more seamless buying and selling of cryptocurrencies, as well as the institutional-grade digital custody solutions we offer through DBS. Our digital asset ecosystem operates under strong regulatory frameworks and in full compliance with prevailing licensing regimes, providing our customers which further assurance and confidence when they trade with us.”

This year, DDEx aims to scale its business to serve a larger pool of customers, and list more digital payment tokens and security token offerings.