Singapore’s DBS Bank Aims to Expand Crypto Offerings Despite Bear Market.
Even though we are currently in the bear market of cryptocurrency, the largest bank in Singapore, DBS still plans to expand its cryptocurrency dan digital assets offerings to more than 300,000 new clients in Asia, the Financial Times reported.
DBS CEO On The Importance Of Offering Digital Assets Products
In an interview, DBS CEO Piyush Gupta said that it is very important, not just start ups but also established financial institutions to also be offering digital assets products to their customers. Especially during market slump, many customers are looking for a stable place to store their crypto and digital assets. He believed financial institutions like banks could be the ones to do it.
DBS’s brokerage arm has already received a cryptocurrency license from the Monetary Authority of Singapore (MAS) since last year. Since then through invitation only, has allowed access to its DBS Digital Exchange to around 1,000 clients, FT reported.
Soon, Gupta said that, DBS’s crypto services would be available to more than 300,000 of their clients in Asia. This includes private banks, accredited investors, other exchanges and funds.
“On the one hand, we want to be a global crypto hub. On the other hand, we’re also very worried about our domestic population getting burned with this speculative asset class,” Gupta said in the interview about the challenges facing Singapore’s crypto regulators.
Currently, Temasek Group, the state’s investment group, holds around 30% stake in DBS bank plans to expand and make Singapore as a crypto hub for many customers in Asia.
State investment group Temasek holds a stake of almost 30% in DBS, but the bank’s plans for expansion follow a turbulent year in Singapore’s crypto environment, with crypto players such as Three Arrows Capital filing for bankruptcy.
For now, the bank hinted that it would not be able to roll out digital asset trading to retail investors due to challenges from regulators.