According to the CEO, DBS Bank, Singapore’s largest bank is working to expand its cryptocurrency exchange beyond its existing investor base of institutional clients.
Piyush Gupta, CEO of DBS Bank, spoke about the bank’s cryptocurrency operations during Monday’s Q4 2021 earnings conference. He stated that the bank will be focusing on scaling up its crypto exchange operations by 2022.
Gupta was questioned during the call if DBS Bank has a plan for rolling out digital asset trades to retail investors. Although the CEO didn’t give a clear answer, he stated that DBS Bank had done some work to increase its investor base.
“We have begun to look at how we can get in a reasonable way, take it out, and expand it beyond our current investors. This includes thinking about potential fraud.
DBS Bank will not be able continue with retail support for its cryptocurrency exchange until that work is completed. He expects to complete related developments by 2022. Gupta stated that it looks more like the end the year before we can take something to market.
Gupta stated that DBS Bank will also significantly increase its crypto trading platform during the first half of the year or the first three quarters. According to Gupta, the bank plans to make digital assets more accessible by making it possible to deposit and transact online without having to rely on banks intermediaries.
“What happens is that although you have 24/7 access, customers still need to contact bankers. The first order of business is to make everything online. Make it self-service and instant. Also, ensure that the internal processes are strong to be able support this.
Related: In 2021, crypto investments saw a 13x increase in Singapore: KPMG
DBS Bank has made a huge move into crypto in recent years. In December 2020, it launched its own crypto exchange. DBS Bank has been expanding the support for digital asset services and launched a crypto trust solution.
DBS Bank’s brokerage arm DBS Vickers was approved by the Monetary Authority of Singapore in August to offer digital payment token services.