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DBS Bank Announces Its First-Quarter Financial Results

DBS Bank, Singapore’s largest bank, has announced its first-quarter financial results after the launch of its institutional cryptocurrency exchange in December 2020.

Chng Sok Hui, the Chief Financial Officer of DBS Bank, said that the bank saw record performance as quarterly net profit surpassed $2 billion for the first time in history, doubling from the previous quarter.

It has been reported by DBS CEO Piyush Gupta that the bank’s newly launched crypto platform, DBS Digital Exchange, apparently played a significant role in the bank’s latest milestone, as the platform saw a tenfold increase in daily trading volumes, reaching $30 million to $40 million.

However, Gupta announced further plans for the newly launched crypto exchange, including the company’s first security token offering scheduled for the second quarter of 2021.

DBS Bank posts record quarterly net profits after introducing cryptocurrency trading in December 2020. — Cointelegraph (@Cointelegraph) May 4, 2021

He also mentioned the company’s collaboration with United States investment bank JPMorgan Chase and Singapore state investment firm Temasek to create a new blockchain venture focused on global interbank transactions.

Gupta added:

“Blockchain can change the paradigm. Money can be converted into digitized form that has been cleared, which can be sent across for settlement as quickly as the written message.”

He said that DBS and JPMorgan’s blockchain-powered cross-border payments will involve tests featuring the Singapore dollar and the US dollar.

Thus, he concluded:

“We are actively bringing in other banks so that the euro, sterling, renminbi etc become part of the system. And if we can do that, we will be an important part of a game-changing infrastructure for payments.”

Source: Cointelegraph | Image: Bloomberg



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