The largest bank in Southeast Asia, DBS Bank is planning to open avenues of crypto trading for retail investors. The Bank’s CEO has announced this recently and expects it to happen by the end of this year.
On the basis of assets, DBS bank is the largest one of them. So, the largest bank in the region launching crypto trading will boost crypto activity in the region by a good margin. During the bank’s 4th-quarter earnings call Monday, CEO Piyush Gupta answered the question of whether DBS will expand its digital asset exchange.
To that question, Gupta replied:
“What we will focus on in the first half, the first two quarters, of this year is to make the access to digital assets a lot more convenient.“
In addition to that, he said:
“Today, what happens is that you’ve got 24/7, but the customers still need to call and speak to bankers. So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that.”
While DBS Bank is secretly optimistic with its crypto intentions, they’re keeping a cautious approach to avoid any mishaps. The CEO said:
“At the same time, we’ve started doing the work on seeing how we can, in a sensible way, take it out and expand it beyond the accredited investor base. And that includes making sure we have the appropriate thinking about suitability, potential for fraud, etc.”
DBS Bank has previously entered the crypto world with the launch of its crypto exchange in December 2020. Previously, the bank launched a trust service in cryptocurrencies in May.