WongPartnership acted for DBS in the update of its U.S.$26 billion Structured Note Programme to facilitate the issuance of tokenised structured notes.
18 Sep 2025WongPartnership acted for DBS in the update of its existing U.S.$26,000,000,000 Structured Note Programme (the “Programme”) to facilitate the issuance of tokenised structured notes. The updated Programme accommodates the issuance of digital tokens on a blockchain to represent rights and interests in the structured notes. Distributors may facilitate an offering of the structured notes using such digital tokens.
The inaugural issuance of tokenised structured notes under the Programme involves cash-settled, cryptocurrency-linked participation notes, to be distributed via digital platforms such as ADDX, DigiFT and HydraX.
Our team advising DBS in the origination of this new product class, which represents an important development in the structured products market, was led by our Head of Debt Capital Markets Hui Choon Yuen and Partner Trevor Chuan, together with our Head of Tax Tan Shao Tong, Financial Services Regulatory Partner Tian Sion Yoong, Senior Associates Alvin Chua and Wesley Aw, as well as Associates Loh Jia Sheng and Grace Foo.
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