- DBS bank from Singapore is all set to double its members to 1,000
- The growth is expected to go up to 20% to 30% annually for the next three years
- DBS will offer cryptocurrency trading, asset tokenization and digital custody services in a crypto sector
DBS Bank from Singapore is all set to double its members to 1,000 on its new platform for cryptocurrency trading. The number expects to grow by the end of December this year. The growth is expected to go up to 20% to 30% annually for the next three years as digital tokens gain acceptability.
The senior executive of DBS while speaking to the publication has said that DBS Digital Exchange, set up in December as a members-only bourse. It is witnessing robust demand from the corporates, accredited individuals and investment firms that manage the fortunes of wealthy families.
Kwok Seat Moey, Head of Capital Markets at DBS and Chairperson of the Exchange has said that the bank is growing rapidly. Investors are exploring cryptocurrencies and virtual assets. The bank’s foray into the digital currency business has come after Bank’s CEO Piyush Gupta pursued the financial institution to make investments worth billions of dollars to improve its era infrastructure over the last 8 years.
Banks on crypto offerings
DBS Digital Bills has backed a full-service digital bourse- offering cryptocurrency trading, asset tokenization and digital custody services in a crypto sector, where the trust of the investor is still low. The increasing popularity of cryptocurrencies has created issues for mainstream banks as they attempt to stabilise clients’ hobby in virtual cash with regulatory issues approximately their risks.
Standard Chartered Bank is also setting up a joint venture to offer a cryptocurrency exchange platform and cryptocurrency brokerage in Britain and Europe. But HSBC has no plans to provide virtual currencies to the customers.
Having been positioned as one of the biggest wealth managers in Asia, DBS expertise in originating deals in the capital markets would help it attract users and grow trading volume. This flow comes at a time when DBS is calling ahead to reinforce fee-primarily based total profits as internet hobby profits are reduced because of low hobby rates.
Eng-Kwok stated that the bourse hopes to list as a minimum half of a dozen protection tokens through the end of 2022. The critical financial institution of Singapore has introduced crypto groups below a brand new regulatory framework that went into effect in January 2020. Under the new regime, the DBS brokerage arm has achieved principle approval via which the bank can directly support asset managers and companies to trade in digital payment tokens through bourse.
The Singapore Exchange has a 10% stake in the bourse. Last week Binance announced it would limit its services in Singapore, days after the Central Bank put a hold on its offering payment services.