Singapore bank DBS charts ambitious plans for digital exchange
The Hindu
Soaring popularity of cryptocurrencies has posed a problem for mainstream banks as they try and balance clients' interest in digital coins with regulatory concerns about their risks.
Singapore's DBS Group expects to double the number of members on its new platform for cryptocurrency trading to 1,000 by end-December and grow this by 20-30% annually for the next three years as digital tokens gain acceptability. (Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) In an interview, DBS's senior executives said DBS Digital Exchange, set up in December as a members-only bourse, is seeing robust demand from corporate investors, accredited individuals and investment firms that manage the fortunes of wealthyfamilies.
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