Asia’s DBS Bank Thinks Bitcoin is a Scam

DBS Bank, one of the major banks in Asia, said that Bitcoin is a financial scam as of this time.

DBS Bank said that Bitcoin is a scam.

On Wednesday, David Gledhill, DBS group chief information officer and head of group technology and operations stated that as of now the bank see Bitcoin as a “ponzi scheme.”

The transactions of Bitcoin are somehow expensive and all the fees are hidden through the crypto-mechanisms, Gledhill added. "We don't think DBS being in that game right now is going to create a competitive advantage for us."

Gledhill thinks that it will make more sense if the bank will focus on its electronic transactions of the government-backed currencies.

 He is not the first person to say something negative about the digital token.

Eventually, he predicted that the pricing of Bitcoin would become cheaper because that’s how it will scale. Gledhill also added that there would be no current pricing advantage for DBS Bank.

DBS is the biggest lender in Southeast Asia and the bank is a huge believer in emerging technologies. The bank launched its cloud-based e-learning management system earlier this year, the system is powered on artificial intelligence for its employees.

The digital token will not help to bring in customers, deposits, or wealth management in DBS Bank.

DBS Bank Launches its Private Cloud Data Center

DBS Bank and Equinix have teamed up to transform one of the bank’s traditional data centers in Singapore into a cloud-optimized facility.

DBS collaborated with Equinix to transform one of the bank’s traditional data centers in Singapore

The new initiative will help DBS to transfer its main data center into significantly smaller premises, which are a quarter of the size of the existing data center. They are expecting that the new center will be running 75 percent cheaper.

The bank is working on transferring the cloud-optimized technology in recent years, which results to efficiency saves while increasing storage and computing capacity by 7 times since 2014.

With the bank’s growing business volumes and digitalization, it have doubled it compute workloads in the last three years and it is expected to continue the significant growth of the company.

The collaboration of the bank with Equinix is expected to improve the DBS ability to be more agile and scalable.

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