In an interview with Bloomberg Television last Friday (November 19), OCBC Managing Director Helen Wong revealed that the bank is considering setting up a crypto exchange.
At the end of last year, Singapore-based OCBC had $ 121 billion in assets under management, making it Southeast Asia’s second-largest bank.
“We are looking at it and seriously, there is work going on in the bank,” Wong said. “If you say we’re looking at it, it’s to meet customer needs, but in a safe way. We want to help them recognize the investment and how to manage it.
Wong highlighted concerns about digital assets, including transaction security given the anonymous nature of the industry.
She also explained that while crypto technology is worth studying because of its potential to improve efficiency, the bank will not be rushing into the industry just because of its popularity.
Separately, Aditya Gupta, chief digital officer at OCBC Bank, told Regulation Asia that OCBC is “actively exploring” partnerships to enter the crypto space.
Singapore is trying to establish itself as a global crypto hub, attracting many new businesses even as the city-state frowns on cryptocurrencies as investments for retail traders.
OCBC rival DBS launched a crypto exchange in December 2020. DBS Vickers, the brokerage arm of the bank, received a license to offer crypto services from the Monetary Authority of Singapore in October.
It also plans to expand its digital exchange – which includes cryptocurrency trading services – to individuals next year.
Globally, a growing number of banks, including Goldman Sachs and JPMorgan, have started offering crypto-futures trading.
Featured Image Credit: OCBC / The Fifth Person
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