Singaporean megabank DBS works on expanding Bitcoin trading to retail

DBS Bank, Singapore’s largest bank, is moving connected expanding its cryptocurrency speech beyond its existent capitalist basal of organization clients, according to the CEO.

DBS Bank CEO Piyush Gupta spoke of the bank’s cryptocurrency concern during the Q4 2021 net telephone connected Monday, stating that the institution volition absorption connected measures to further standard its crypto speech operations successful 2022.

During the call, Gupta was asked whether DBS Bank has a roadmap for rolling retired integer plus trading to retail investors. While the CEO did not supply a straightforward answer, helium inactive said that DBS Bank did initiate immoderate enactment successful bid to grow its existent capitalist base, stating:

“We’ve started doing the enactment connected seeing however we get successful a sensible way, instrumentality it retired and grow it beyond the existent capitalist base. And that includes making definite we due reasoning astir things similar imaginable fraud and others.”

He hinted that DBS Bank would not beryllium capable to proceed with retail enactment for its crypto speech earlier completing that work, expecting to finalize related developments by the extremity of 2022."I deliberation you're looking much similar the extremity of the twelvemonth earlier we tin really instrumentality thing to market," Gupta noted.

According to Gupta, DBS Bank besides expects to importantly boost its crypto trading level successful the archetypal fractional oregon the archetypal 3 quarters of this year. The slope specifically plans to “make the entree to the integer assets a batch much convenient” by enabling instant online deposits and transactions without relying overmuch connected banking intermediaries, the CEO stated:

“What happens is that you've got 24/7, but the customers inactive request to telephone and talk to bankers. So the archetypal bid is to marque it each online, marque it self-service, marque it instant and marque definite the interior processes are robust to beryllium capable to enactment that.”

Related: Singapore saw 13x leap successful crypto investments successful 2021: KPMG

As antecedently reported, DBS Bank made a monolithic determination into the crypto manufacture successful caller years, mounting up its own institutional-grade crypto exchange successful December 2020. The institution has been actively extending the scope of supported integer plus services connected the exchange, launching a crypto spot solution successful May 2021.

In August, DBS Bank’s brokerage arm, DBS Vickers, was granted support from the Monetary Authority of Singapore to supply integer outgo token services arsenic a outgo institution.