Singapore DBS Bank crypto services
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Crypto : Singapore DBS Bank to offer services to high net worth clients in Asia

Recently, DBS Bank CEO Piyush Gupta said the bank plans to expand its crypto and digital asset business, despite the bear market. In doing so, the bank says it wants to expand its digital exchange and offer services to more than its 300,000 high-net-worth clients in Asia.

DBS Bank is a bank headquartered in Marina Bay, Singapore. The company was known as The Development Bank of Singapore Limited, before the current name was adopted in July 2003 to reflect its changing role as a regional bank.

The bank was established by the Singapore government in July 1968 to take over the industrial financing activities of the Economic Development Board. Prior to 2003, the bank was called The Development Bank of Singapore.

On the other hand, Asia is certainly the second largest market for cryptos after North America, and Singapore is an important crypto-currency hub. Moreover, DBS Bank provides services not only to Singaporeans, but also to many people residing in Southeast Asia.

Moreover, since it is effectively prohibited in China to engage in crypto-currency trading activities, it is often the exchanges in Singapore and South Korea that provide crypto-currency services to the Chinese.

Last February, DBS Bank has already declared that it will offer crypto trading to retail customers. CEO Piyush Gupta stated:

We are starting the initial work to expand it beyond the current investor base,” Gupta said. “A lot of work to do with adequacy and anti-fraud… we should have something by the end of the year.

DBS bank to build an online crypto exchange that will remain open 24/7

Currently, the bank’s crypto trading service is limited only to institutional clients, who can only place crypto orders by calling the bank by phone. The plan, according to Gupta, is to build an online digital asset exchange that will remain open 24/7.

Gupta said the bank has fewer than 1,000 members on the exchange, but would soon offer the service to 300,000 of its high-net-worth customers across Asia, including private banks, accredited investors, other exchanges and funds via its DBS mobile banking app.

The bank’s CEO, added that the downward market trend influenced the bank’s decision to expand its infrastructure due to a need for consumer protection. DBS believes the ecosystem needs established, regulated institutions offering more services, rather than startups.

On the one hand, we want to be a global crypto hub,” Gupta said, according to the report. “On the other hand, we are also very concerned about our domestic population getting burned with this speculative asset class.

Gupta concluded his comments by sharing that the bank’s exchange saw a doubling of transactions this year from April to June.

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