FILE PHOTO: A DBS logo on their Singapore office building, Feb. 22, 2016. DBS Group Holdings, Singapore’s largest lender, posted a 20 percent increase in quarterly earnings that beat expectations as net interest margin rose to a five-year high. REUTERS / Edgar Su
May 18, 2021
HONG KONG (Reuters) – DBS Group announced on Friday that its private banking arm had begun offering cryptocurrency escrow services to help wealthy clients incorporate the emerging asset class into their succession plans.
This is the latest move by Southeast Asia’s largest bank in cryptocurrencies, which launched a crypto exchange for institutional and other accredited investors late last year.
Several other banks around the world are cautiously starting to offer crypto-related services, often to their very wealthy customers, due to the recent price surge in Bitcoin and other cryptocurrencies.
Bitcoin is up more than 70% so far this year, even after volatility caused by a series of tweets from Tesla CEO Elon Musk.
DBS announced on Friday that its escrow subsidiary is providing private banking clients with assistance in investing, storing and managing digital assets for cryptocurrencies including the two largest, Bitcoin and Ether, and including those assets in their asset succession plans.
“International digital asset regulations and protocols are still emerging which can create complications or unnecessary confusion if appropriate measures are not taken to prevent this,” said Lee Woon Shiu, regional director for Family Office, Wealth Planning and insurance solutions at DBS Private Bank, in a statement.
(Reporting by Alun John in Hong Kong; Editing by Shri Navaratnam)
This article originally appeared on www.oann.com