Singapore’s UOB Currently Develops a Crypto Custody Solution

Singapore – The major Singaporean bank, United Overseas Bank or UOB, is mulling over joining the crypto custody bandwagon. According to the recent report, the Singapore-based UOB is currently developing a digital asset custody solution. 

The bank’s official website also opened a position for “Vice President – Crypto Security Administrator.”The job includes managing the installation of a hardware security module or HSM. This hardware is a device that safeguards users’ cryptographic keys. With the open job position, the hired professional will set up a centralized key management solution.

Per the listing, the ideal applicant should have a clear understanding and experience in using HSM devices, cryptographic key generation and management, payment network standards, and encryption standards. 

It is also worthy of note that the available position suggests the UOB‘s ambitious virtual currency custody plans are still pretty much in its infancy. At the money, the Singaporean bank has not opened other crypto-related job positions on their official website.

However, many critics felt that UOB‘s possible crypto custody solution competed with its rival DBS, Singapore’s most prominent bank. Recently, DBS prepared to launch its crypto exchange, and some plans were leaked via a now-deleted webpage.

Since cryptocurrencies have emerged as the best performing asset class from the past decade, many digital assets, including Bitcoin, gained momentum in many Singaporean banks. Indeed, many prominent global banks see the potential in the crypto custody service space. 

As reported earlier this year, many experts claim that there is tremendous profit potential for crypto custodians in the industry. Unsurprisingly enough, many banks in Singapore don’t want to let this opportunity slide from their hands.

Recently, UOB announced that most of its employees are working from home. This work setup enabled its IT developers to meet UOB‘s software development objectives without delay or disruption. It also resulted in a more productive environment. Within the last three months, UOB already launched three solutions, including the ASEAN digital bank and TMRW in Indonesia.

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