Southeast Asia’s 2nd Largest Bank Doing “Serious” Work With Crypto to Address Customer Needs
Oversea-Chinese Banking CorpThe second-largest bank in Southeast Asia is considering setting up a crypto exchange in response to its customers’ needs.
“We are looking at it, and seriously there are some work being done in the bank,” Chief Executive Officer Helen Wong told Bloomberg Television when asked if the bank is considering offering crypto services.
OCBC has been holding $121 billion in assets under management at the end of last year.
While the bank won’t rush into the sector, Wong said it’s worth studying crypto technology due to its potential to boost efficiency.
“If you say we are looking at it, it is very much in addressing customer needs, but in a safe manner.”
“We want to help them to recognize the investment and how to handle it.”
Rival DBS Group Holdings Ltd. meanwhile is working on expanding its digital exchange to its crypto trading services to retail individuals next year. The crypto exchange was launched in December 2020, and just last month, its brokerage arm, DBS, obtained a license from the Monetary Authority of Singapore (MAS) to offer crypto services.
In a separate interview, Wong said OCBC is “not going to get into it just because it is hot or there is a demand from people” because the bank has responsibility and a “fiduciary duty to people.”