Wed, Aug 12, 2020 - 12:29 PM DBS Vickers' (DBSV) early shift towards digitalisation and efforts to collaborate with various functions of DBS Ban
Wed, Aug 12, 2020 – 12:29 PM
DBS Vickers’ (DBSV) early shift towards digitalisation and efforts to collaborate with various functions of DBS Bank has allowed the brokerage to remain resilient amid the pandemic.
DBSV said in a press statement on Wednesday that its H1 2020 income almost doubled year on year despite a surge in trading volumes in a more volatile market environment.
In addition, the monthly average of new accounts opened on DBSV’s digital trading platform more than tripled in the first half of 2020 compared to the same period last year. Of this, more than 75 per cent of accounts opened were multi-currency ones, enabling customers to undertake foreign exchange trades.
“Digital trading has become the new normal over the last few years and it is what customers have come to expect amid the Covid-19 pandemic,” said Lionel Lim, chief executive officer of DBSV on Wednesday.
Internally, DBSV enhanced its digital infrastructure to facilitate collaboration between trading desks and support units.
“Digitalisation brings about not only greater speed…