DBS Private Bank has revealed Asia’s first bank-backed trust solution for cryptocurrencies via DBS Trustee.
As a result, private banking clients can invest, customise and manage digital assets in a safe, secure, and structured manner. It has built on the DBS Digital Exchange (DDEX) that was launched in December 2020.
Go deeper with GlobalData
The trust offering only applies to cryptocurrencies hosted on DDEX, either Bitcoin, Ether, Bitcoin Cash or XRP, and clients and work with the bank to integrate these assets into wealth succession plans.
In addition, it builds on the existing DDEX proposition for private banking clients, which provides security and transparency for crypto-assets.
Everything is kept confidential after a client’s passing as trusts are kept out of the probate process and do not normally become part of public record. Furthermore, the prevents clients’ beneficiaries from having to deal with potential complexities.
Joseph Poon, group head of DBS Private Bank, said: “In recent years, more clients have expressed interest or are already invested in digital assets, and we expect this trend to accelerate as cryptocurrencies turn more mainstream. Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“As trusted advisers to our clients, we are very much committed to staying ahead of the curve and supporting their evolving investment needs. As we navigate today’s rapidly changing world and an ever-broadening array of investment opportunities, ensuring the long-term growth and protection of our clients’ wealth remains a keystone of our proposition.”
Lee Woon Shiu, regional head of family office, wealth planning and insurance solutions at DBS Private Bank, added: “Confidentiality, peace of mind and taxation often emerge as top-of-mind concerns in our conversations with clients, and we would advise them to set up trust structures rather than wills, which are subject to the probate process.
“This is especially so considering that international regulations and protocols are still nascent in the digital asset space, which could give rise to complications or unnecessary confusion if proper measures are not in place to prevent them. By keeping their DDEX-hosted digital assets in a trust administered by professional licensed trustees such as DBS Trustee, our clients can be assured that the succession planning of their digital asset wealth is being taken care of by experienced professionals.”
