Singapore-based OCBC looking to set up crypto exchange, to address customer needs

Singapore-based Oversea-Chinese Banking Corp.(OCBC) is mulling over setting up a crypto-exchange, as per a report by Bloomberg.

The multinational bank can join the likes of DBS Vickers, the venture arm of DBS Bank, which was granted a crypto-license from the Monetary Authority of Singapore (MAS).

In a recent interview, Chief Executive Officer Helen Wong commented, “We are looking at it,” adding that the bank is putting in some work on it “seriously.”

Wong reiterated that the bank isn’t looking to rush into offering crypto exchange services. Instead, it is studying the technology for the potential benefits it can offer. Not to forget, there is now a huge demand for crypto products. The CEO added,

“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.”

Very recently, Binance CEO, Changpeng Zhao,  had stated in an interview with Bloomberg that “most institutions should be looking at crypto at this stage.” Additionally, Commonwealth Bank of Australia’s Chief Executive Officer, Matt Comyn also commented,

“We see risks in participating, but we see bigger risks in not participating.”

It is noteworthy that CBA had become the first bank earlier this month in Australia to announce services that would allow its customers to buy, sell, and hold crypto-assets. And considering that OCBC’s Singaporean competitor DBS is already in the crypto space, it becomes imperative for OCBC to test the waters.

Especially in Singapore which is gearing to lead the crypto race. Singapore had turned into one of the biggest beneficiaries after China’s policy decision to ban Bitcoin. After which, Ravi Menon, Managing Director of Monetary Authority of Singapore, had accepted,

“If and when a crypto economy takes off in a way, we want to be one of the leading players.”

With that, Eqonex CEO, Richard Byworth also opined that Singapore might turn into the crypto capital in South Asia. Considering this in the context of China’s ban and the U.S. regulatory situation, he argued,

“Singapore is a regulator that’s taking an innovative approach, and that’s what you need to do…We’ve seen regulators really actually cost their citizens opportunity by not being a bit flexible.”

And, then it becomes a critical topic of discussion when we look at the growth of the industry. In fact, Edward Chen, CEO of Huobi Singapore, which is also a crypto applicant with the regulator, is betting on the growth numbers.