DBS bank plans to offer retail crypto trading services in Q4 2022

Singapore-based DBS Bank is planning to launch its digital assets-based trading services to the retail clients.

DBS is a multinational bank, which is based in Singapore. The banking services of this bank are available in multiple countries including China, Hong Kong, Taiwan, Indonesia, and South Korea. Now the bank is moving to cover the Crypto industry through its digital assets-based services. 

In 2021, DBS Bank launched its digital assets-based trading services for its institutional clients. And now it is working on its retail digital assets trading services, so individual users will be allowed to do trade on the Bank crypto trading app. 

After the release of Q4 earnings calls report of DBS Bank on 14 February, Piyush Gupta, CEO of DBS Bank, responded to the question on retail crypto trading services and said that there is lots of work that has to be done. Piyush also noted that retail crypto trading services will be available at the end of this year. 

“We are starting the initial work to expand it beyond the current investor base (of accredited investors),” Piyush

And also added that work on better user experience and security will be done to ensure better services. 

“Lots of work to do with suitability and anti-fraud… we should have something by the end of the year.”

Piyush also noted that DBS Bank will do work on its existing institutional digital assets trading desk service, to enhance the ease of accessibility & improvement. 

The DBS CEO also said that they will introduce a self online service to allow the clients to execute the order, instead of making a phone call to the Bank Executive. 

Right now DBS Bank is doing well with its plans but the Bank asserted that there are still some legal procedures to get approval for retail trading services from the local government agency, the Monetary Authority of Singapore. 

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