Leading Singaporean bank, DBS Bank Limited, has announced plans to launch a retail crypto trading platform by the end of the year. Speaking at a recent Q4 earnings call with investors, DBS CEO Piyush Gupta said the bank wants to expand the scope of its current crypto trading service currently available only to institutional investors. In addition, Gupta stated that the banking giant would build a 24/7 online crypto exchange available to all customers. This would remove the need to first telephone a banker to place an order for digital currencies. However, the DBS head honcho admitted that a lot had to be done before realizing the said objectives. As he put it:
“We are starting the initial work to expand it beyond the current investor base, lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”
In 2021, DBS was one of the foremost financial institutions to secure the approval of the Monetary Authority of Singapore (MAS) to offer crypto trading services. This came after the 2019 Payment Services Act where over 170 crypto-focused companies applied for a Digital Payment Token License with the MAS. However, about 100 firms either withdrew their filings or saw them rejected by the agency since that period.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
