Singapore’s DBS Bank Set To Launch Crypto Trading For Retail

DBS Digital Exchange had a trading volume of $595 million in Q4 2021, more than double the previous three quarters. Now it’s ready to introduce a new platform for retail investors. 

Singapore-based DBS Bank, after launching its own institutional-grade digital asset exchange, is looking into the expansion of a similar trading offering, but for retail investors and by the end of 2022.

The Chief Executive of DBS, Piyush Gupta, sees a lot of hard work ahead, but expects the launch of the platform by the year-end. He said on a recent earnings call:

“We are starting the initial work to expand it beyond the current investor base. Lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”

Gupta also mentioned that DBS will focus on convenient accessibility to the retail-focused digital asset trading platform for its existing customer base in the first half of the year. For now, the users must contact a banker by phone to place an order for crypto, but the DBS aims to introduce an online process and self-service by facilitating instant online deposits and transactions without intermediaries.

Gupta added:

“What happens is that you’ve got 24/7, but the customers still need to call and speak to bankers. 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.”

According to the CEO, DBS expects to heavily boost its crypto trading platform after its launch. However, he has not elaborated any additional details on the upcoming trading desk yet.