Singapore-based DBS will further expand its digital asset business with plans to apply for a crypto license in Hong Kong.
DBS plans to apply for a license that will allow it to offer crypto trading services in Hong Kong, according to a «Bloomberg» report.
«We are planning to apply for a license in Hong Kong so that the bank can sell digital assets to our Hong Kong customers,» said DBS Hong Kong CEO Sebastian Paredes.
Growth Outlook
Depending on when DBS will launch in Hong Kong, this could contribute to group CEO Piyush Gupta's forecast of a 60-70 percent revenue boost for the bank’s digital exchange business.
In 2022, DBS Digital Exchange (DDEx) said it observed no major crypto selloff, with its customer base doubling to nearly 1,200 registered participants. The number of bitcoin and ether traded on DDEx rose 80 and 65 percent, respectively, during the year.
