Helen Wong, CEO of OCBC Singapore, said that he is considering the possibility of establishing his own cryptocurrency exchange to meet the growing needs of customers. Bloomberg TV In the interview aired on November 19.
This Southeast Asian asset is second only to DBS Bank and leads UOB, the second largest bank said that employees are currently researching encryption technology to meet customer demand for digital asset transactions, also because the technology has the potential to improve the efficiency of the banking and financial industry. Potential as a whole.
However, OCBC Bank “will not rush into the industry because of its popularity,” but will develop any potential solutions in a “safe manner,” Wong said.
DBS Bank is ready for retail crypto services
The bank also responded to its rival, DBS Bank, which plans to open its existing digital exchange (for institutional investors) to private and retail banking customers starting next year.
Singapore’s financial industry has been further promoted by government policies to strengthen its encryption work to establish this city-state as a global hub for encrypted currencies and digital assets, leading to the flourishing of new financial technology entrepreneurship scenarios.
However, there are still some obstacles in Singapore’s encryption industry. Although the Monetary Authority of Singapore (MAS) is generally open to digital assets, at the same time it is still conservative.
The central bank says encryption needs “strict supervision”
“We think the best way is not to ban or ban these things,” said Ravi Menon, managing director of MAS, which oversees the country’s banks and financial companies.
On the contrary, MAS is implementing “strong regulation” so that financial service providers that meet its requirements and address multiple risks can safely operate in the industry.
Menon pointed out that for personal encryption services, MAS still “does not approve of using cryptocurrencies or tokens as investment assets for retail investors.”
Speculation fluctuates, but the long-term potential remains unchanged
Just in early November, MAS warned that retail investors who invested money in cryptocurrencies had “severe speculative volatility” and potential risks. This actually happened before the latest cryptocurrency crash that occurred in the second half of November, in which Bitcoin plummeted from its all-time high of $69,000 on November 19 to below $56,000.
But as always, opinions differ in the financial world. Although some people predict that cryptocurrencies will be bearish in the long term, others quickly found a reason to buy into the crash. But most people agree that the long-term argument for investing in top cryptocurrencies such as Bitcoin and Ethereum, and even high-growth alternatives such as Solana and Cardano has not changed at all.
OCBC CEO Helen Wong told Bloomberg TV in an interview broadcast on November 19 that he is considering the possibility of establishing his own cryptocurrency exchange to meet the growing needs of customers. In terms of assets, DBS Bank and United Overseas Bank, the second largest banks in Southeast Asia, said that staff are currently studying encryption technology to meet customer demand for digital asset transactions, and because this technology has the potential to improve the efficiency of banks and the entire financial industry . However, OCBC Bank “will not because…
Helen Wong, CEO of OCBC Singapore, said that he is considering the possibility of establishing his own cryptocurrency exchange to meet the growing needs of customers. Bloomberg TV In the interview aired on November 19.
This Southeast Asian asset is second only to DBS Bank and leads UOB, the second largest bank said that employees are currently researching encryption technology to meet customer demand for digital asset transactions, also because the technology has the potential to improve the efficiency of the banking and financial industry. Potential as a whole.
However, OCBC Bank “will not rush into the industry because of its popularity,” but will develop any potential solutions in a “safe manner,” Wong said.
DBS Bank is ready for retail crypto services
The bank also responded to its rival, DBS Bank, which plans to open its existing digital exchange (for institutional investors) to private and retail banking customers starting next year.
Singapore’s financial industry has been further promoted by government policies to strengthen its encryption work to establish this city-state as a global hub for encrypted currencies and digital assets, leading to the flourishing of new financial technology entrepreneurship scenarios.
However, there are still some obstacles in Singapore’s encryption industry. Although the Monetary Authority of Singapore (MAS) is generally open to digital assets, at the same time it is still conservative.
The central bank says encryption needs “strict supervision”
“We think the best way is not to ban or ban these things,” said Ravi Menon, managing director of MAS, which oversees the country’s banks and financial companies.
On the contrary, MAS is implementing “strong regulation” so that financial service providers that meet its requirements and address multiple risks can safely operate in the industry.
Menon pointed out that for personal encryption services, MAS still “does not approve of using cryptocurrencies or tokens as investment assets for retail investors.”
Speculation fluctuates, but the long-term potential remains unchanged
Just in early November, MAS warned that retail investors who invested money in cryptocurrencies had “severe speculative fluctuations” and potential risks. This actually happened before the latest cryptocurrency crash that occurred in the second half of November, in which Bitcoin plummeted from its all-time high of $69,000 on November 19 to below $56,000.
But as always, opinions differ in the financial world. Although some people predict that cryptocurrencies will be bearish in the long term, others quickly found a reason to buy into a crash. But most people agree that the long-term argument for investing in top cryptocurrencies such as Bitcoin and Ethereum, and even high-growth alternatives such as Solana and Cardano has not changed at all.
