DBS plans 'broader retail offering' on crypto exchange; Q3 profit up 31%

DBS D05 is looking to open its members-only crypto exchange to the broader retail market over the next year, the bank's chief executive Piyush Gupta said at its third-quarter results briefing on Friday (Nov 5). This is still subject to regulatory approvals, the bank later told The Business Times.

The DBS Digital Exchange has seen "very encouraging" performance in the past few months since it started operating round-the-clock in August, and now holds some S$600 million of assets under custody.

"That shows you how much demand there is for these activities as a business. Our intent over the next year is to continue broadening the customer base and to look at moving out of that narrow private banking space, into a broader retail offering. That is something we just need to wait and watch for," Gupta said.