Singapore Banking Giant DBS to Extend its Crypto Services to Retail Investors

Singapore’s largest banking firm, DBS is mulling the idea to expand its crypto or more specifically, its Bitcoin trading services to retail investors or customers alike. The plan was unveiled by the bank’s Chief Executive Officer, Piyush Gupta at the financial institution’s Q4 earnings call, noting that the bank is working on its plans to scale up the cryptocurrency operations of the bank before the end of 2022.

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DBS operates one of the few licensed digital currency exchanges in Singapore, however, it ranks as one of the first financial institutions to open Bitcoin trading services to professional traders or investors. With the current growth of the industry, Piyush Gupta and the DBS management are mulling the right idea of extending the services to the general public.

When asked about the possible timeline to roll out the trading services to the public, the CEO was unable to give a clear-cut answer, however, he noted;

“We’ve started doing the work on seeing how we get in a sensible way, take it out, and expand it beyond the current investor base. And that includes making sure we appropriate thinking about things like potential fraud and others.” 

The bank will not be proceeding with the Bitcoin trading services unless it has put in place all that is necessary to provide a hitch-free service to all. Noting that digital currencies operate more differently compared to traditional banking services, the DBS CEO says the bank has to ensure that support services are optimized to accommodate the demand for the BTC services.

“What happens is that you’ve got 24/7, but the customers still need to call and speak to bankers. So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that.”

DBS Bank Redefining Bitcoin Trading in Asia

Even though the Bitcoin trading plans by DBS bank are not going to be affected until later in the year, the bank remains a pioneering global financial institution that is helping to redefine Bitcoin trading in Asia and around the world.

Despite other multinational banks including Morgan Stanley, JPMorgan Chase, and Goldman Sachs are also making out their own tailored crypto services, top foreign firms like Gemini are also exploring avenues to expand their footprint in Singapore. In all, attempts to push BTC to retail investors is poised to remain a milestone that will be looked up to by other competitors in the near future.

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