DBS Bank, Singapore’s largest retail and commercial bank, announced its financial results in the first quarter following the launch of an institutional cryptocurrency exchange in December 2020.
DBS CFO Chang Sok Hui said the bank recorded record results as quarterly net revenue exceeded $ 2 billion for the first time in history, doubling last quarter.
According to DBS CEO Piyush Gupta, the recently launched DBS crypto platform, DBS Digital Exchange, seems to have played an important role in the bank’s recent performance, as the platform saw a tenfold increase in daily trading volumes and reached $ 30-40 million dollars.
The CEO announced further plans for the recently launched cryptocurrency exchange platform, including the release of the company’s first security code, scheduled for the second quarter of 2021.
Gupta also noted that the company is collaborating with the US investment bank JPMorgan Chase and the Singapore-based state-owned investment company Temasek to create a new blockchain project focusing on global interbank transactions.
“Blockchain can change the model. The money can be transferred to a digital, filtered form, and it can be sent for settlement as quickly as possible in a written letter,” said the CEO.
Blockchain-based DBS and JPMorgan payments will include tests with the Singapore dollar and the US dollar, Gupta said. “We are actively attracting other banks to make the euro, pound sterling, yuan, etc. part of the system. If we can do that, we will be an important part of the payment infrastructure that will be a game changer.”