Wednesday, October 5, 2022

Singapore’s Largest Bank DBS to Expand its Bitcoin Offerings to Retail Investors

According to a virtual quarterly financial report and earnings call by the multinational commercial bank, DBS, the CEO, Piyush Gupta, who chaired the meeting, talks about the bank’s plans to expand the mega financial institution’s digital exchange offerings.

The digital exchange arm of the bank, called DBS Digital Exchange, which commenced operations in late 2020, is vested with the aim of digitizing assets like shares, private equities funds as well as bonds. It enables customers to trade crypto with Singapore dollars (SGD), Japanese Yen (JPY), United States dollars (USD), and Hong Kong dollars (HK$). The global bank also stores cryptocurrency for its clients as part of its services.

The digital exchange expansion plan of the global bank was noted while the 4Q financial results of 2021 were going on. 

While responding to the question about the plans that the global bank has in expanding its digital exchange as well as the roadmap it is following to roll out digital assets trading for its prominent crypto investors, the group CEO responded by saying that the matter of concern is currently on his mind and was recently discussed, he noted that efforts are being made on how to approach the matter in a “sensible way” and expand the platform beyond its current crop of institutional investors to embrace retail support.

He noted that the financial institution is addressing the issues of fraud, and proceedings on how to make the platform virtual based, whereby customers can be attended to on a 24/7 basis are assured. According to him;

“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.”

Also, he mentioned that plans on how to make the platform convenient and user-friendly are as well in place.

In all, the expansion plans will be unleashed before the end of the third quarter of the year, in his words, Gupta said “I think you’re looking more like the end of the year before we can actually take something to market.”

If it makes good on its plans to offer retail trading support, DBS will be the first global bank to push crypto trading to non-corporate traders/investors.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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