Southeast Asia’s Largest Bank DBS to Launch Crypto Trading for Retail Investors
DBS, the most important financial institution in Southeast Asia, is planning to launch crypto buying and selling for retail traders this 12 months, the financial institution’s CEO has revealed. He added that within the first half of this 12 months, DBS will give attention to making “entry to digital property much more handy.”
DBS Bank to Offer Crypto Trading to Retail Customers
DBS, the most important financial institution in Southeast Asia by property, is planning to launch cryptocurrency buying and selling companies for retail shoppers this 12 months.
During the financial institution’s fourth-quarter earnings name Monday, CEO Piyush Gupta was requested whether or not DBS has any plans to broaden its digital asset trade and if there’s a roadmap for rolling out digital asset buying and selling for retail traders given the expansion in that market.
What we are going to give attention to within the first half, the primary two quarters, of this 12 months is to make the entry to digital property much more handy.
He detailed: “Today, what occurs is that you just’ve received 24/7, however the clients nonetheless have to name and communicate to bankers. So the primary order is to make all of it on-line, make it self-service, make it immediate, and ensure the interior processes are strong to have the ability to help that.”
The DBS boss revealed: “At the identical time, we’ve began doing the work on seeing how we are able to, in a smart means, take it out and broaden it past the accredited investor base. And that features ensuring we now have the suitable fascinated about suitability, potential for fraud, and so on.”
The DBS CEO continued:
Nevertheless, by the point we nail all of these items down, I feel you’re looking extra like the top of the 12 months earlier than we are able to truly deliver one thing to market.
DBS Bank launched a cryptocurrency trade in December 2020. The financial institution then launched a belief service of cryptocurrencies in May final 12 months, adopted by the launch of its first security token offering.
The financial institution’s brokerage arm has additionally obtained approval from the Monetary Authority of Singapore (MAS), the nation’s central financial institution, to offer crypto companies.
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