Singapore’s Oversea-Chinese Banking Corp (OCBC) is exploring ways to launch cryptocurrency services by establishing a cryptocurrency exchange
OCBC may soon offer cryptocurrency services
In an exclusive interview, OCBC CEO Helen Wong Bloomberg revealed that the bank was exploring the possibility of launching a cryptocurrency exchange. Singapore’s OCBC is looking into launching a cryptocurrency exchange, according to CEO Wong -Bloomberg.
According to CEO Helen Wong, the trade-offs of putting up a crypto exchange come as Southeast Asia’s second-largest lender strives to meet client demand.
When asked if the bank would consider selling crypto services, as some of its competitors do, Haslinda Amin replied in an interview with Bloomberg Television yesterday. Although Wong believes it is worthwhile to investigate crypto for its efficiency-enhancing possibilities, the bank will not enter the industry solely because of its popularity.
“If you say we look at it,” Wong says, “it will address a lot of clients’ wants in a safe way.” “We want to assist them in realizing and dealing with the investment.”
OCBC is looking into the crypto market as the city-state strives to become a crypto powerhouse
Even while the local administration rejects cryptocurrencies as investments for dealers selling strange items, Singapore is attempting to promote itself as a worldwide crypto hub and attract new enterprises.
The government of the country is working to establish itself as a global leader in the cryptocurrency business. Singapore’s central bank, the Monetary Authority of Singapore (MAS), announced earlier this month that, rather than pursuing a China-style comprehensive ban, it will provide tools for investors to manage risk and get people up and running with web3.
The MAS has begun to build a clear regulatory framework and standards for players in the volatile crypto market to deal with risks.
“We believe the appropriate way is not to restrict or prohibit these activities,” stated Ravi Menon, Executive Director of the Monetary Authority of Singapore (MAS).
Over the following year, OCBC’s competitor, DBS Group Holdings Ltd., aims to expand its digital exchanges—including cryptocurrency trading services—to private individuals. A growing number of banks, including Goldman Sachs Group Inc. and JPMorgan Chase & Co., have begun to offer cryptocurrency futures trading.
Helen Wong points out that OCBC’s interest in a decentralized business is not motivated by public demand or popularity. Wong states unequivocally that the bank is neither conservative nor trend-following. Instead, as a financial institution, OCBC emphasizes its responsibilities and fiduciary duties to everyone, emphasizing the importance of doing your homework before entering an unregulated business to ensure consumer safety.
“OCBC would not join just because it’s popular or because the public wants it,” Wong said in a separate interview. “It’s not a matter of conservatism; it’s a matter of accountability.” People owe banks a fiduciary duty and responsibility.”
The CEO of OCBC has spoken out about the problems with uncontrolled digital assets, including high-risk transactions based on the industry’s fragmented and opaque approach to anonymity. Because they have not yet become legal tender, Wong prefers to refer to them as “crypto-assets” rather than cryptocurrencies.