DBS Bank, Singapore’s largest bank, is attempting to expand its cryptocurrency exchange beyond its current institutional investor base, according to its CEO.
During DBS Bank’s Q4 2021 results call on Monday, CEO Piyush Gupta discussed the bank’s cryptocurrency business. Noting that in 2022, the company will focus on ways to grow up its crypto exchange operations.
During the call, Gupta was asked if DBS Bank had a plan in place to introduce digital asset trading to normal investors. While the CEO did not provide a definitive response, he did note that DBS Bank had begun to expand its current investor base, saying:
“We’ve started looking into how we can get it out there. And grow it in a responsible way beyond our current investor base. It also entails ensuring that we consider topics like potential fraud and other risks appropriately.”
He hinted that DBS Bank would be unable to provide retail support for its crypto exchange until that work was done. With related developments expected by the end of 2022. “I feel we won’t be able to genuinely take something to market before the end of the year,” Gupta said.
“Make access to digital assets a lot more convenient”
According to Gupta, DBS Bank also wants to significantly expand its crypto trading platform in the first half or first three quarters of this year. The bank hopes to “make access to digital assets a lot more convenient”. By allowing speedy online deposits and transactions without relying largely on financial middlemen, according to the CEO.
“Customers still need to contact bankers, despite the fact that you have access 24 hours a day, seven days a week. As a result, the first order of business is to put everything online. And make it self-service, rapid, and ensure that internal processes can support it.”
DBS Bank has made a considerable investment in the cryptocurrency business in recent years. And will open its own institutional-grade crypto exchange in December 2020, as previously reported. The company announced a crypto trust solution in May 2021. Broadening the range of digital asset services supported on the exchange.
In August, the Singapore Monetary Authority granted DBS Vickers, DBS Bank’s brokerage arm, permission to perform digital payment token services as a payment institution.