South Asias’ largest bank DBS Banks announces its new trading platform to be launched sooner for crypto trading. The Bank considers expanding its cryptocurrency exchange beyond its current investor base. Currently, the Banks offer calling services where clients can call the bank to place crypto orders.
DBS and its new Crypto trading Platform
DBS is considered a reputed and leading financial service group in Asia. With its headquarter placed in Singapore, it recognizes its mainstream growth areas in Greater China, Southeast Asia, and South Asia. The Bank’s credit ratings are “AA” and “Aa1” which are considered to be the highest in the world. In addition, DBS has bagged the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020. Also, many renowned financial firms such as Euromoney have declared DBS as “World’s Best Bank”. Whereas, The Bankers and the Global Finance entitled DBS as “Global Bank of the Year” and “Best Bank in the World” respectively.
DBS Bank CEO Piyush Gupta spoke on the call about the bank’s cryptocurrency business during Q4 2021. He strongly focused on the company’s call to extend its crypto services towards customers more quickly and efficiently. Also, Gupta explained the bank’s motives to roll out a roadmap for digital asset trading for investors. The bank makes ways to approach more retail customers and expand its investor base.
In addition, DBS banks are expected to make a significant jump in crypto trading through their exchange platform in the first three quarters of 2022. Also, it is planned to enable express deposits and transactions without much depending on bank intermediaries. The CEO also added,
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.”Piyush Gupta, CEO, DBS Bank
DBS’s Profit Expansion
In the year 2020, DBS Bank created a crypto exchange division in the name of ” DBS digital exchange”. Along with this, DBS Bank recorded a net profit increase of 37% to $1.03 billion from October to December last year.
Lionel Lim, CEO of DBS Digital Exchange (DDEx) spoke to Coindesk and told them that DBS observed a full-year trading volume of about $819 million (S$1.1 billion) in 2021. Also, in the last quarter of 2021, the trading volume increased to almost double that of the previous quarters. It saw a massive improvement of $595.5 million (S$800 million).