Megabank DBS Group is planning to expand its cryptocurrency services to Hong Kong as the Chinese territory pushes to become a digital asset hub.
DBS Bank plans to apply for a license to allow it to offer crypto trading services to Hong Kong customers, Bloomberg reported on Feb. 13.
DBS Bank Hong Kong CEO Sebastian Paredes noted that DBS welcomes new crypto-related policies in Hong Kong and is also very sensitive to the risks associated with digital assets.
DBS Bank made a massive move into the cryptocurrency industry a few years ago, launching its institutional crypto exchange in Singapore in late 2020. The company has also been working to expand its crypto platform to retail investors and applying decentralized finance technology to joint projects with Singapore’s central bank.
DBS is encouraged by the Hong Kong authorities’ intent to build a vibrant digital asset and DeFi ecosystem in the territory,He noted that DBS can play a big role in this goal by using their experience in developing a regulated digital asset ecosystem over the last two years in Singapore.
The news comes amid DBS announcing that its net profit rose 20% to a record 8.19 billion Singaporean dollars , or $6.7 billion, in 2022. Total income increased 16% to $12.4 billion , crossing 16 billion SGD for the first time in history.
DBS Bank’s plans to expand to Hong Kong come amid China’s special administrative region continuing to reaffirm its pro-crypto stance.
