OCBC Bank Is Entering the Cryptocurrency World

OCBC Bank is entering the cryptocurrency world. The Asian giant bank plans to establish a cryptocurrency exchange.

OCBC Bank, the second-largest bank in Southeast Asia, aims to establish a cryptocurrency exchange. “There is some serious work being done at the bank on this issue,” Helen Wong, CEO of OCBC Bank, told Bloomberg TV. She said that they want to meet the needs of customers safely. With over $120 billion in assets under management, Singapore-based OCBC has become the second largest bank in Southeast Asia. The bank's rival, DBS, launched a cryptocurrency exchange in December 2020. DBS had also received approval from the country's financial regulator, MAS, to provide cryptocurrency services. Saying that the demand for cryptocurrencies is increasing, DBS stated that they expect the number of institutional customers to reach 1000 by the end of the year and the figure to grow between 20 and 30 percent every year.