Singapore Bank DBS To Launch Digital Asset Retail Platform In 2022

DBS Bank, the largest bank in Southeast Asia, intends to launch a digital asset trading platform for retail clients by the end of 2022. This was stated by DBS Bank CEO Piyush Gupta at a conference with analysts, CoinDesk reports. In 2021, the bank launched a trading platform for institutional investors.

Currently, users need to call a banker to place an order for crypto over the phone. According to Gupta, they are working on an online self-service option similar to what users of a cryptocurrency exchange like Binance are used to. However, it is not yet clear whether users will be able to withdraw their purchases to the wallet.

Last month, Philippine Union Bank unveiled plans to provide cryptocurrency trading and custody services. Last year, Thailand's oldest bank, Siam Commercial Bank, acquired a 51% stake in local cryptocurrency exchange BitKub.

Image: Retail News from Asia