DBS Bank, the largest bank in Singapore, is expanding its cryptocurrency exchange beyond its existing institutional investor customer base, according to the CEO.
DBS CEO Piyush Gupta spoke about the bank’s cryptocurrency business during its earnings report for the fourth quarter of 2021 on Monday, and noted that the company will focus on measures to expand its cryptocurrency exchanges in 2022.
During the conversation, Gupta was asked if DBS has a roadmap for rolling out digital asset trading for retail investors. Although the CEO did not give a direct answer, he said that DBS has begun some work to expand its existing investor base, and said:
“We are starting to work on figuring out how to play smart, take it out and expand beyond our existing investor base. This includes making sure we think properly about things like potential fraud and others.”
He indicated that DBS will not be able to launch retail support for cryptocurrency exchanges until this work is completed, and expects that the related development will be completed by the end of 2022. To the market. “, Noted Gupta.
DBS also expects the cryptocurrency trading platform to grow significantly in either the first half of the year or the first three quarters of this year, Gupta said. The bank specifically plans to “make access to digital assets more convenient” by offering instant online deposits and transactions without relying too much on bank intermediaries, the CEO said, adding:
“What happens is that you have 24/7, but customers still have to call and talk to bankers. So the first thing to do is bring everything online, do it self-service, do it instantly and make sure the internal processes are robust to be able to support it. ”
Related: Singapore sees 13 times jump in cryptocurrency investment in 2021: KPMG
As previously reported, DBS Bank has made great strides in the crypto industry in recent years, launching its own enterprise-class crypto exchange in December 2020. fiduciary decision in May 2021..
In August, DBS Vickers, the broker arm of DBS Bank, received approval from the Monetary Authority of Singapore to offer digital payment code services as a payment institution.
