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DBS Bank Rules Out Retail Crypto Offerings This Year

DBS Bank Rules Out Retail Crypto Offerings This Year
  • DBS Bank to focus on institutional crypto offerings initially
  • Will launch a retail crypto trading desk by the start of 2023
  • Accredited investors in Singapore are defined as those having SGD 2 million ($1.5 million) in assets

Singapore-based DBS Bank on Friday ruled out crypto offerings to retail investors this year owing to regulatory concerns and asserted that the bank will focus on expanding crypto services to its accredited and institutional investors.

Speaking at the bank’s earnings call, DBS Bank’s CEO Piyush Gupta said while he would have liked to start retail crypto offerings this year, the technology apparatus is yet to be put in place and that regulators around the world are cautious of cryptocurrencies.

Have a large, affluent investor crypto base: Gupta

“We won’t do any retail crypto in Singapore this year but what we will do is get our current crypto offerings online so people can deal on mobile and internet banking. We have a very large, affluent, and accredited (crypto) customer base so we have the opportunity to scale this business quite nicely,” Gupta said.

Regulators around the world are wary of cryptos

DBS Bank CEO Piyush Gupta

“On the retail side, I would have liked to see retail this year but there are two things – One it is taking a bit longer than we anticipated to put the technology apparatus in the proper place around it, and second, regulators are not that comfortable. Around the world, regulators are a bit more careful of getting retail access to crypto and as a consequence, we are unlikely to get to retail crypto this year but we will start getting around that earliest next year,” he added.

DBS bank had in February stated that it plans to launch a retail crypto trading desk by the end of 2022. However, in early April it did a U-turn on the plans citing regulatory worries.

Anndy Lian, Chairman of BigONE exchange said DBS’s decision to go with accredited and institutional investors that have $1.5 million in assets first will help the bank gain a competitive advantage over other crypto exchanges that are mainly targeting retail investors.

“However, I do not agree with the statement that the technology is not ready. Trading systems are always ready for crypto, I agree that small changes got to be made such as the decimal places. Real-time clearing and settlement of funds using blockchain-based multichain atomic swap technology for instance are also ready,” Lian said.

Overall, the bank’s net profit fell 10% to $1.8 billion, topping the $1.62bn forecast by financial data platform Refinitiv. It was also the bank’s second-highest quarterly results.

The board has declared a dividend of 36 cents per share for the first quarter. The estimated dividend payable is $926mn.

 

 

Original Source: https://www.banklesstimes.com/news/2022/04/29/dbs-bank-rules-out-retail-crypto-offerings-this-year/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Anndy Lian Shared his views on the role of Central Bank Digital Currencies and Cryptocurrencies at Singapore Cloud & Datacenter Digital Summit

Anndy Lian Shared his views on the role of Central Bank Digital Currencies and Cryptocurrencies at Singapore Cloud & Datacenter Digital Summit

Anndy Lian moderated a session on Fintech Market Analysis: The Impact of Interconnectivity in Singapore at the Singapore Cloud & Datacenter Digital Summit on 26 November 2020. In his speech, he shared his views future of the Fintech market and the role of Central Bank Digital Currencies and Cryptocurrencies (CBDC).

“I think at the right time, and when there is a demand for cryptocurrency payments is there, it will drive the market towards crypto adoption. CBDC is the start of another evolution.” Anndy Lian commented.

Joel Yarbrough added, “Personally, I think the most compelling use case is CBDC. The digitalisation of currency helping cross border trading 24/7 with transparent foreign exchange is incredibly powerful.”

Anndy shared further that he is still advising governments in the region on blockchain matters and the more innovative ones are looking at using core crypto coins, e.g. XRP, BNB, LTC or stable coins to act as a bridge asset to exchange digital fiat aligned to their CBDC initiatives. He also highlighted separately that blockchain and cryptocurrencies companies must take the first step to showcase how their coin and technology can help the formation of the future CBDCs.

This session came at the right time where the pandemic COVID19 accelerates Singapore’s digital push. The drive for digitisation is more substantial than before and behind the powerful force is Singapore’s Government taking the lead and setting aside more than S$500m to assist Singaporeans and local businesses manage the crisis through digital transformation. Today at another media interview, Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore mentioned that year to date, there are already $1.3 billion of Fintech investments made.

The panel lead by Anndy Lian (Hyundai DAC Technology) and with panellists Khuan Yew Lee (Fave), Joel Yarbrough (Rapyd) and Varun Mittal (EY) discussed topics like:

1. What’s driving the growth of contactless payments in the digital transformation of Singapore?

2. Fintech is an ever-evolving industry, with its mandate broadening with each iteration (1.0, 2.0 and now 3.0). At the same time, early fintech players like Paypal are at no risk of going out-of-date due to the evergreen necessity of payment platforms. Where do you see the most significant potential for fintech expansion in Singapore?

3. Many estimations are putting the adoption rate of digital payment platforms at an all-time high. Even for cloud-native companies, this presents capacity challenges. How do you deal with speeding up deployment to match this demand?

4. How do you see the embrace of blockchain influencing the fintech market (more than it already has)?

Singapore Cloud & Datacenter Digital Summit has brought the top 200 IT and data centre professionals to hear from industry leaders and new entrants on what to expect from a hub market, the downstream opportunities to the edge markets, and the innovation of technology in the space of Cloud Computing, connectivity, cybersecurity and data centres. Other speakers include: Daryl Pereira (KPMG Singapore), Palaniappan Muthuraman (Piller Power Singapore Pte. Ltd), Clement Goh (ST Telemedia Global Data Centres), Atul Babu (PCCW Solutions Limited), Anthony Hodge (Standard Chartered Bank)

BLOCKCAST reported this session. BLOCKCAST.CC a broadcasting news source for the blockchain community founded in Singapore.

About Anndy Lian:

Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organisation committed to improving productivity in the Asia-Pacific region. Anndy is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. You can read more about Anndy’s work at www.anndy.com

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j