Southeast Asia’s Largest Bank (DBS) Sees Increasing Crypto Demand from Corporate Investors and Wealthy Family Funds

2021-9-13 15:59

Singapore’s DBS Group is seeing robust demand from accredited individuals, corporate investors, and investment firms that manage the fortunes of wealthy families for its DBS Digital Exchange.

DBS Digital Exchange, set up in December as a members-only bourse, expects to double the number of members on its new platform for crypto trading to 1,000 by the end of December, reported Reuters. It is further expected to grow by 20-30% annually for the next three years as digital tokens gain acceptability.

“We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets,” said Eng-Kwok Seat Moey, head of capital markets at Southeast Asia’s largest bank by assets and the chairperson of the DBS exchange.

Eng-Kwok also said that the bank's position as one of the biggest wealth managers in Asia and its expertise in originating deals in capital markets would help it attract more users and grow trading volume.

She added that the exchange is also hoping to list at least half a dozen security tokens by the end of next year. DBS DIgital exchange currently offers trading services between Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and XRP against U.S., Singapore, Hong Kong dollars, and the yen.

DBS’ brokerage arm has already received in-principle approval for the new regulatory framework introduced by Singapore’s central bank that came into effect in January 2020. This license allows its crypto exchange to directly support companies and asset managers to trade in digital payment tokens through its platform.

Kwee Juan Han, DBS’ group head of strategy and planning said,

“Our aim was to create a platform that could serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody – all within a trusted and regulated bank franchise.”

Han expects new businesses, including the digital exchange and a carbon exchange, to bring a total revenue of S$350 million ($260 million) by 2022-end.

The post Southeast Asia’s Largest Bank (DBS) Sees Increasing Crypto Demand from Corporate Investors and Wealthy Family Funds first appeared on BitcoinExchangeGuide.

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