DBS, the largest bank in Southeast Asia, is planning to launch crypto trading for retail investors this year, the bank’s CEO has revealed. He added that in the first half of this year, DBS will focus on making “access to digital assets a lot more convenient.”
DBS Bank Offers Crypto Trading To Retail Customers
DBS is the biggest bank in Southeast Asia, according to assets. It plans to offer cryptocurrency trading services to retail customers this year.
During the bank’s fourth-quarter earnings call Monday, CEO Piyush Gupta was asked whether DBS has any plans to expand its digital asset exchange and if there is a roadmap for rolling out digital asset trading for retail investors given the growth in that market.
Gupta answered:
In the first half of the year, and the first two quarters of next year, we’ll be focusing on making digital asset access easier.
He detailed: “Today, what happens is that you’ve got 24/7, but the customers still need to call and speak to bankers. So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that.”
The DBS boss revealed: “At the same time, we’ve started doing the work on seeing how we can, in a sensible way, take it out and expand it beyond the accredited investor base. And that includes making sure we have the appropriate thinking about suitability, potential for fraud, etc.”
DBS CEO, continued:
But, when we get all this done, you will be looking closer to the end of the calendar year before something can go on the market.
DBS Bank started a cryptocurrency exchange back in December 2020. In May 2018, DBS Bank launched its trust service for cryptocurrencies. This was followed in May by the launch and first offering of security tokens.
The bank’s brokerage arm has also obtained approval from the Monetary Authority of Singapore (MAS), the country’s central bank, to provide crypto services.
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