Southeast Asia’s largest bank, owned by Singapore state, DBS, plans to offer crypto services in Hong Kong. It will be an exciting move because cryptocurrencies are not legal in China. However, despite the ban, Hong Kong pushes to become a digital asset hub.
DBS’s plans in Hong Kong
The Asian bank plans to apply for a license in Hong Kong to offer crypto trading services. The bank has been doing great regarding trading volume as they have seen a rise in trading volume and crypto assets under management. These increases are not just incremental but monumental, considering the surge in trading volume for Bitcoin was 80% on a year-on-year basis. In contrast, for assets under management, the increase was 100%.
The Hong Kong CEO of DBS Bank, Sebastian Parades, said they would welcome the new crypto policies associated with digital assets in the country. They will also work towards dealing with the risks associated with digital assets. DBS also aims to become the first crypto service provider in Hong Kong after the regulations become clear and they understand the framework.
Sebastian also said, “DBS is encouraged by the Hong Kong authorities’ intent to build a vibrant digital asset and DeFi ecosystem in the territory. At the appropriate time, DBS will apply for the necessary licenses in Hong Kong to avail our digital asset solutions to the market.”
The bank is doing great.
DBS is making high profits, and its revenue is also increasing, hitting new highs. Considering the same, it is understandable that they are open to expanding operations as China’s special administrative regions reaffirm their pro-crypto stance. Hong Kong’s financial secretary, Paul Chan, said that the authorities are open to collaboration with crypto companies in 2023.
About DBS bank
DBS Bank is a multinational banking and financial services corporation headquartered in Singapore. It was founded in 1968 and is one of the largest banks in Southeast Asia by assets and market capitalisation. DBS operates in 18 markets globally, with a network of over 280 branches and over 1,100 ATMs.
The Bank provides various services, including personal and commercial banking, wealth management, investment banking, trade finance, treasury, and securities services. The bank has won numerous awards for its innovation, digital capabilities, and sustainability initiatives.
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