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DBS receives approval to establish joint venture securities company in China

By Edil Corneille

September 02, 2020

  • China
  • DBS
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DBS, bank, Singapore, digital, payments, API, application programming interface, India, China, AsiaToday, the DBS Group announced the receipt of its approval from the China Securities Regulatory Commission (CSRC) to establish DBS Securities (China) Limited, which is a joint venture securities company in which the Group will have a controlling stake.

DBS Securities will be an important part of the Group’s strategy in China. Businesses that it will engage in include brokerage, securities investment consulting, securities underwriting and sponsorship, as well as proprietary trading. The securities company is said to be committed to providing onshore products and services for domestic and international customers.

Piyush Gupta, CEO, DBS Group enthused, “We are very pleased to receive CSRC approval to establish DBS Securities. This year marks the 30th anniversary of diplomatic relations between China and Singapore. Likewise, DBS Group has been supporting China’s financial development in the past 30 years. The ability to set up a securities company in China represents yet another key milestone, enabling us to make available the best of DBS’ capabilities and offerings, and provide customers in China with a full range of onshore and offshore financial services.”

Neil Ge, China head of DBS Group elucidated, “The establishment of DBS Securities will further support the long-term sustainable development of DBS Group in China and meet the changing needs of customers in multiple aspects. With the continuous expansion of DBS’ onshore business platforms, the Group is committed to providing more comprehensive financial services to Chinese customers.”

ALSO, READ: China’s UnionPay unveils its digital bankcard

The financial services group in Asia has a presence in 18 markets. Headquartered and listed in Singapore, it is in the three key Asian axes of growth viz Greater China, Southeast Asia, and South Asia. A complete range of services in consumer, SME, and corporate banking is provided by the company. As a bank born and bred in Asia, the intricacies of conducting business in the dynamic markets is understood, as mentioned by the group. An SGD 50 million foundation has been established to strengthen corporate social responsibility efforts in Singapore and across Asia.

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