- OCBC Bank is looking into the potential of cryptocurrency
- OCBC Bank revealed that the bank seeks to set up a crypto assets exchange platform
- The multinational bank is exploring the technology for the potential benefits that it can offer to its clients
- Most institutions seek to look at crypto, so it has become necessary for OCBC to taste the water
OCBC Bank is one of the most established local banks of Singapore. The Oversea-Chinese Banking Corporation offers multinational banking and financial solutions. A recent report released by the mainstream news outlet Bloomberg revealed that the bank is mulling over setting up a digital assets exchange. Moreover, the report also noted that the multinational bank could join the likes of DBS Vickers, the venture arm of DBS Bank, which was granted a cryptocurrency license from the Monetary Authority of Singapore (MAS).
OCBC Bank mulls to launch digital assets exchange
According to the report released by Bloomberg, in a recent interview, Helen Wong, the chief executive officer of OCBC Bank, revealed that the bank seeks to set up a crypto assets exchange platform. Additionally, Wong added that the bank is putting in some work on it seriously.
Notably, the CEO also hammered away at the statement that the bank is not looking to rush into offering cryptocurrency exchange services. Instead, the multinational bank is exploring the technology for the potential benefits that it can provide to its clients. She further explained that it is apparent to cite that the bank is looking at the technology to address customer needs but much safer.
Furthermore, OCBC noted that there is a massive demand for cryptocurrency-based products.
Most institutions are looking at crypto
In a recent interview with Bloomberg, Chanpeng Zhao, the chief executive officer at Binance, highlights that most of the institutional players are looking at crypto-assets at this stage. Simultaneously, Matt Comyn, the Commonwealth Bank of Australia’s Chief Executive Officer, underlined that they see risk in participating in the ecosystem. Still, it seems there is more considerable risk if they don’t participate.
On the other hand, it is also found that CBA has become the first bank in Australia to announce the integration of crypto services. Indeed, the customers of the bank can buy, sell, and hold digital assets.
Besides, DBS has already embraced cryptocurrency and is offering its clients crypto-related services. Hence, in Singapore, OCBC Bank already has a competitor who is involved in crypto. Following this fact, it has become necessary for OCBC to taste the waters.
Singapore is gearing to lead the crypto race
Singapore has been considered a crypto and blockchain hub in the world. The region has turned itself into one of the biggest beneficiaries that embraced the technology. According to Ravi Menon, managing director of MAS, Singapore wants to be one of the leading players whenever a crypto economy takes off. Many enthusiasts in the cryptosphere also deemed that Singapore could potentially turn into crypto capital in the South-East Asian region.