DBS Bank Ltd., Southeast Asia’s largest lender, has launched a self-directed cryptocurrency trading service for accredited wealth clients.
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Fast facts
- The bank’s wealth clients have been favoring self-directed options, with digital trades dominating 90% of equity transactions, DBS said in a press release on Friday.
- The lender said about 100,000 customers meet the criteria to access its self-directed crypto trading service.
- Previously, crypto trading on DBS Digital Exchange (DDEx) was limited to corporate and institutional investors, family offices, and clients of DBS Private Bank and DBS Treasures Private Client.
- DBS said its new service that allows traders to directly trade cryptocurrencies from the bank’s mobile application is also available to accredited investors in the DBS Treasures segment.
- The bank is also working on digitizing the onboarding process for users, expected to roll out in 2023, the statement said.
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