13 Sept 2021
Singapore’s DBS Bank to Offer Cryptocurrency Trading Platform
The Index Today
DBS Bank in Singapore is working towards increasing the number of new customers on its cryptocurrency trading platform by the end of the year. The corporation plans to introduce 1000 new customers and attain a 20%-30% growth rate annually for upcoming three years. This measure comes into effect digital tokens become more popular across the region.
DBS Digital Exchange has been seeing a positive growth in customer response, mainly from corporate sectors and investment firms. Eng-Kwok Seat Moey, head of capital markets at DBS said, “We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets.”
Piyush Gupta, CEO at DBS played an integral role in developing the banks technological infrastructure to adopt cloud computing and digital banking services. The bank’s digital exchange claims to be the world’s only bank with full service digital bourse that provides cryptocurrency trading, digital custody services, asset tokenization and more.
Standard Chartered Bank has joined in the race by setting up a joint venture to develop a cryptocurrency brokerage platform in Europe as well as Britain. On the other hand, renowned HSBC has stated it has no current plans to provide digital currencies to clients.
DBS plans to increase its fee-based income with the help of a bourse through which security tokens can be listed. The brokerage unit of the bank has acquired approval under the regions new regulatory framework which will allow it to trade in digital payment tokens and offer trading services between Bitcoin, Bitcoin cash, XRP and ethereum.
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