With the rising popularity of cryptocurrencies, banks have started to offer related services to investors. One such bank is DBS from Southeast Asia, which is also the largest one there. The bank has been planning to launch its crypto trading services for retail investors. Their goal in 2022 is to make it easier for investors to access digital assets. With their entry into the crypto market, a lot of new investors from Southeast Asia might start investing in crypto.
DBS Bank offering crypto services
In the bank, 4th quarter earnings call, the CEO Piyush Gupta was asked about the bank’s plan to bring digital asset services to investors. It was there that he shared a little view of their roadmap. Piyush said that for the first half of 2022, they plan to make access to digital assets convenient for investors. He explained further, saying that the current banking structure involves customers calling their bankers and getting things done. The goal is to change this by shifting things to online, where it can be quick, self-serviceable, and robust.
DBS is also going to work on bringing more investors to the crypto space. And this will also involve working on things like security frauds and improving security. So, all these things are going to take time, and the launch of services would probably have to wait till the end of the year.
DBS Bank is a Singaporean multinational banking and financial services organization based in Singapore’s Marina Bay neighborhood. The Development Bank of Singapore Limited, from which the shortened name “DBS” was formed, was the company’s full name before the shorter name was adopted on July 21, 2003, to represent its function as a worldwide bank. Along with OCBC Bank and United Overseas Bank, it is one of Singapore’s three “megabanks.”
The bank, which is listed on the Singapore Exchange, was established by the Singapore government on July 16, 1968, to take over the Economic Development Board’s industrial lending activities. It now has more than 150 locations across the United States. With assets of over US$501 billion (S$650 billion) as of December 31, 2019, it is the largest bank in Southeast Asia by assets and among the largest banks in Asia.
What are your thoughts on DBS Bank from Southeast Asia offering crypto trading services? And do you think that they will be able to launch it by the end of the year? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.