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OCBC Bank Considers Setting Up a Crypto Exchange

Singapore-based OCBC (Oversea-Chinese Banking Corporation) Bank has recently revealed that they may be launching a crypto exchange.

According to CEO Helen Wong, the bank is currently doing some research and that there is serious work being done behind the scene. She stated that the bank aims to meet their clients’ needs “in a safe manner.”

Wong clarified that the bank is not expanding into the decentralised industry due to popularity or high demand, but out of responsibility as a financial institution. They believe that, by being thorough, consumer protection can at least be ensured.

The CEO addressed some issues that would arise due to unregulated digital assets, with high-risk transactions being one of them considering the industry’s decentralised and perplexing anonymity approach. Since they have yet to achieve legal tender, Wong stated her preference to call them “crypto assets” rather than “cryptocurrencies.”

OCBC had $121 billion worth of assets under their management as of the end of last year, which makes it the second-largest Southeast Asian bank.

As for DBS, the rivalling bank of OCBC has launched a crypto exchange back in December 2020. Its brokerage arm, DBS Vickers, has been licensed by the Monetary Authority of Singapore in October to offer crypto services.

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