Working in the world of cryptocurrency is going mainstream in Singapore.
As we reported last week, Standard Chartered is building a digital-assets unit in the Republic as it launches new initiatives powered by blockchain. The bank has made several recent hires into the team.
Now one of Stan Chart’s main competitors, DBS, is getting in on the act. DBS Vickers, the bank’s brokerage subsidiary, has secured a licence from the Monetary Authority of Singapore (MAS) to offer digital payment token services. DBS Vickers will be able to directly support asset managers and companies to trade in digital payment tokens through DBS Digital Exchange (DDEx).
“Not taking anything away from crypto startups, but in Singapore DBS and Stan Chart are about as big as you can get, so when they start building crypto teams, you know these roles are becoming mainstream,” says a Singapore-based finance recruiter.
DBS’s crypto vacancies include an institutional sales role on the DDEx. This is not an opportunity to break into crypto for the first time. You’ll need “crypto-specific experience and leads to crypto players”, according to DBS’s careers site. Employees at crypto startups looking to join a large bank are best placed to get hired.
Singapore is emerging this year as a hotbed for crypto jobs, at both banks and crypto platforms. This is partly thanks to the Payment Services Act, which was rolled out at the start of 2020 to spur the growth of the sector.
MAS has received 170 licence applications from digital payment token service providers, including from global crypto exchanges such as Coinbase and Kraken, although 30 applications have been withdrawn after engagement with MAS and two have been rejected, reports the Straits Times.
“All kinds of positions at all levels are being hired for [in crypto], from CFOs and finance directors, to banking solutions, compliance managers and traders,” Dennis Wang, managing director at Univerz HR Consulting, told us previously.
Photo by André François McKenzie on Unsplash
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