Green Packet is close to becoming a digital bank when its wholly owned subsidiary Oasis Capital Investment Bank received a conditional Investment Bank license from the Labuan Financial Services Authority. Upon fulfilling the operational conditions, Oasis Capital will be able to support in cryptocurrency and the Decentralised Finance (DeFi) industry.
According to market report, the capitalisation for cryptocurrency currently sits at USD2.2 trillion which is the combined market capitalisation of the world’s top 10 largest banks, and the DeFi industry alone is worth USD200 billion. Green Packet intends to position OCIB to aggregate, deploy, and optimise its clients’ funds and digital assets in order for its high profile clients to reap the full benefits of the emerging asset class while managing their risk appetites.
Main focus of the bank is to become a forerunner in Southeast Asia’s offshore neobank scene, specialising in Digital Asset portfolio advisory, management services as well as bespoke structured products and services for High-Net-Worth Individuals (HNWI), Institutions’ and Enterprises.
Tan Kay Yen, Chief Executive Officer of OCIB explains, “Cryptocurrencies and digital assets have seen tremendous growth and adoption over the years and is now benefiting from serious participation from mainstream players such as central banks and established financial institutions. The latest example is Singapore Central Bank’s collaboration with Monetary Authority Singapore (MAS) and Bank of International Settlements (BIS) to streamline cross-border transactions using central bank digital currencies.”
As an offshore investment bank, OCIB will also provide conventional investment banking services such as Private Wealth and Corporate Advisory and solutions in working capital management and underlying trade services to its clients.
The entry into the sector is part of Green Packet’s 5.0 strategy and its massive transformation purpose, which is to improve the way people live through continuous digital innovations.
