DBS veteran Lionel Lim is set to become CEO of DBS Digital Exchange (DDEx), which launched in December 2020 and offers trading services for digital assets such as cryptocurrencies and security tokens.
Lim, a DBS managing director, has been “CEO designate” of DDEx since earlier this month, according to his LinkedIn profile.
He was previously CEO of the firm’s brokerage unit DBS Vickers Securities, a role he took on in 2019. Lim, who joined DBS in 2004, has also been head of equity syndicate for Southeast Asia.
His new appointment follows DBS’s announcement on Thursday that DDEx has enjoyed strong business momentum since it went operational round-the-clock in August.
In the two full months since then, the platform’s trading volumes surpassed the total volumes of the first eight months of the year by 40%. DBS also recorded more than S$600m in digital assets under custody as at end-October, triple the amount recorded in the previous month.
Other senior leaders at DDEx include head of business and listing Daniel Lee, who also transferred from DBS Vickers. May Leng Chee leads issuer regulation, while Victor Chin heads up the business management office. Eng-Kwok Seat Moey, DBS’s group head of capital markets, is the chair of DDEx.
DBS is not the only bank in Singapore that’s been hiring in digital assets. As we reported in September, Standard Chartered is building a digital-assets unit in the Republic as it launches new initiatives powered by blockchain. The bank has made several recent hires into the team.
Singapore is emerging this year as a hotbed for crypto jobs, at both banks and crypto platforms. This is partly thanks to the Payment Services Act, which was rolled out at the start of 2020 to spur the growth of the sector.
Former Citi CEO Vikram Pandit told the Singapore Fintech Festival this week that all major financial institutions will soon be thinking about trading cryptocurrencies.
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