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The second largest bank in Singapore plans to enter the cryptocurrency market

The second largest bank in Singapore plans to enter the cryptocurrency market

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Answer The second largest bank in Singapore plans to enter the cryptocurrency market

China’s Offshore Banking Corporation (OCBC) may soon enter the cryptocurrency industry, according to its CEO, Helen Wong, recently revealed.

in her talk On Friday, in an exclusive interview with Bloomberg, Wong revealed that the bank studies cryptocurrencies closely.

She noted that while they were in no hurry to absorb digital assets, the new crypto space could no longer be ignored.

When asked about the bank’s intent to offer crypto services like its competitors, she replied:

We are looking into it seriously.

There is some work being done and prepared in the bank.

Proceed with caution:

Wong further stated that the decision to experiment with cryptocurrencies was in response to the increasing demand for crypto services from customers.

Read:PolyNetwork Exploitation and $600 Million Crypto Heist

However, the bank will take cautionary and due diligence actions as part of its fiduciary duty of care to customers before giving clear direction.

Added:

If you say we’re looking at it, it’s very much about catering to clients, but safely, we want to help them learn about investing and how to approach it.

Wong prefers to treat cryptocurrencies as “digital assets” because they are assets in which people invest and have value.

According to her, they should not be called coins because they are not legal tender.

Also given the high volatility associated with their prices, she hinted that the bank is choosing to take the exchange route rather than investing directly in them.

Added:

The same blockchain technology can be used in many other methods…So we can say that we are now working a lot on a trading platform, how to ensure that the entire flow of trade is secure.

Singapore opens its arms to cryptocurrency:

Wong’s comments come nearly two months after Singapore’s largest bank, DBS Group Holdings, announced its intention to open a digital exchange after obtaining a license from the Monetary Authority of Singapore (MAS).

Read:FTX pays employees and service providers outside of the United States of America

In May, DBS Group launched a trusted asset class solution to enable private banking clients to securely invest, store and manage their digital assets.

Read:Blockchain data analytics firm Chainalysis gets $100 million in a new funding round

Singapore continues to establish itself as a cryptocurrency stronghold, with global trading platforms such as Gemini and Binance already in the Southeast Asian country.

Ravi Menon, managing director of MAS, voiced his support for the industry, stressing that the best approach for cryptocurrencies is to regulate them rather than restrict them.

He recently stated:

Not getting into this game, I believe, is that the risk of leaving Singapore behind, and launching early into this game means we can get a head start and better understand its potential benefits as well as its risks.

Read also:

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