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Singapore’s largest bank DBS is targeting rich clients, spread across Asia, to offer its crypto services.
A fresh report by Financial Times shows that Singapore’s largest bank DBS may be looking to extend crypto services to its richest clients – about 300,000 individuals. This follows after the bank’s brokerage arm got a crypto license from the Monetary Authority of Singapore in 2021. Since then, it has offered its rich class of clients exposure to its DBS Digital Exchange. But currently, the exchange only boasts about 1,000 users.
The DBS Digital Exchange, offers full services including cryptocurrency trading, asset tokenization, and digital custody services.
DBS Bank Aims to Use a Mobile App to Bolster Crypto Services Expansion
According to DBS chief executive Piyush Gupta, the bank is targeting rich clients, spread across Asia, to offer its crypto services. Some of the clients will include accredited investors and private banks, and it will offer the services via its mobile banking app. DBS is also planning to upgrade its app to include features that will allow clients to manage digital assets themselves and generally improve scalability.
Furthermore, Gupta added that the market downtrend is one major reason that influenced the decision of DBS to expand its services. He says the decision stemmed mainly from the need to protect consumers. He also stated that the crypto ecosystem should rather have well-established institutions than startups.
On another hand, DBS also has hopes of becoming a global crypto hub. But then, it also has its reservations regarding the potential of crypto affecting its local foothold. Especially considering the recent high-profile collapses that happened locally, such as with Three Arrows and Terraform Labs.
DBS Digital Exchange Trade Surges
Recently, trades on the DBS Digital Exchange have been on the rise. Between April and June alone, trades on the exchange more than doubled. The amount of Ethereum sold went up by 65%. And even more impressively, the total volume of Bitcoin traded on the exchange nearly quadrupled.
In July, the Monetary Authority of Singapore hinted at an upcoming regulatory framework for the region’s crypto industry. The framework would seek additional restrictions on the industry.