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Singapore’s third-largest bank appears to be building a crypto custody solution

Singapore’s third-largest bank appears to be building a crypto custody solution

United Overseas Bank, Singapore’s third-largest bank by total assets, appears to be developing a crypto custody solution.

The bank has opened up a position for “VP — Crypto Security Administrator” to get expert advice on how to design a secure solution for “managing crypto keys.”

The job includes managing the installation of a hardware security module (HSM) — a dedicated hardware device to protect cryptographic keys, setting up a “centralized” key management solution, and maintaining crypto keys, among other responsibilities.

Applicants should have a clear understanding and experience of HSM devices, encryption standards, cryptographic key generation and management, and payment network standards, including tokenization, per the job requirements.

The position suggests that UOB’s crypto custody plans are still in their early days. There are also currently no other crypto-related open positions at UOB. The bank declined to comment to The Block when contacted. 

Rival plans 

The job comes as UOB rival DBS, Singapore’s biggest bank, is preparing to launch its own crypto exchange and crypto custody solution. DBS’s plans were leaked last month via a now-deleted webpage, which The Block first reported at the time.

A DBS spokesperson said at the time that the bank’s crypto efforts are still work in process, and it is awaiting regulatory approvals. UOB might have to go through similar approval processes if it ever decides to enter the crypto space.

A number of established financial institutions and banks have been looking into offering crypto custody services, including JPMorgan, Citi, and Standard Chartered. JPMorgan could offer crypto custody services via a “sub-custodian” or a third-party specialist firm, sources familiar with the situation recently told The Block.

Sources at Citi at the time said the bank had conducted internal testing related to digital asset custody. Standard Chartered, on the other hand, is building a crypto custody solution for institutional investors via its Singapore-based venture arm SC Ventures.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Yogita Khatri