Singapore’s DBS Bank to launch retail-focused crypto exchange counter in 2022

Singapore-based DBS Bank has confirmed that it plans to launch a retail-focused crypto trading desk in 2022, following the launch for accredited investors and corporate clients last year.

DBS Bank in Singapore will launch a retail-focused cryptocurrency exchange in 2022

The plans include an online portal that will allow customers to place orders for various digital assets, similar to how other crypto exchanges work, said DBS CEO Piyush Gupta, learned yesterday while presenting the bank’s fourth-quarter 2021 financial results.

For now, the bank will focus on making its existing business-focused digital asset trading desk more convenient for users, with a goal of “expanding it beyond the investor base” by the end of the year.

“We should have something by the end of the year,” Gupta said, noting that “there’s still work to be done in terms of relevance and anti-fraud.”

Current procedures require DBS crypto trading desk clients, including certain corporations and accredited investors, to call the bank to place their crypto trades over the phone. However, according to Gupta, the plan for this year is to do everything online and let customers order themselves.

The announcement of the retail digital asset trading desk follows reports in late 2020 that the bank plans to launch its own digital asset exchange. At the time, the bank said plans included a “full-service digital exchange” that would also offer cryptographic services to unlisted companies looking to digitize assets, its digital asset trading and custody ecosystem.

Meanwhile, in August 2021, the bank announced that it had received approval from the Monetary Authority of Singapore to offer digital payment tokenization services. This month also marks the launch of the bank’s corporate digital asset trading platform, where trading volume reached SGD 180 million (US$134 million) in the second quarter of last year.

About DBS Bank of Singapore

DBS Bank Limited (abbreviated: DBS) is a Singapore multinational banking and financial services group headquartered in the Marina Bay Financial Center in the Marina Bay district of Singapore. The company was formerly known by its full name, Singapore Development Bank, reflecting its role as a global bank. Along with OCBC Bank and United Overseas Bank (UOB), DBS is one of Singapore’s three so-called megabanks.

Listed on the Singapore Stock Exchange, the bank was established by the Singapore government on July 16, 1968 to take over industrial finance operations from the Economic Development Board. Today, more than 150 of its branches can be found across the country. DBS is the largest bank in Southeast Asia in terms of assets and is owned by Treasury with total assets of around 501 billion. and markets, wealth management, equity trading, equity and debt finance in regions other than Singapore, including China, Hong Kong, Taiwan, Indonesia and South Korea.

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