REUTERS NEXT-DBS CEO says tough for digital banks to muscle into Singapore
Information about REUTERS NEXT-DBS CEO says tough for digital banks to muscle into Singapore
Kevin David Scam or Legit
By Anshuman Daga
SINGAPORE (Reuters) -Singapore’s digital banks will find it hard to carve out space in the city-state’s saturated market, said Piyush Gupta, the CEO of DBS Group, Southeast Asia’s biggest lender.
Online-only banks are due to start operations in Singapore next year, marking the financial hub’s biggest banking shake-up in two decades.
“In Singapore, it’s not that easy for digital banks to carve out space,” Gupta told the Reuters Next conference on Friday, pointing to Singapore’s 98% banking penetration and incumbents’ strong digital product suite.
“Even in markets like Brazil and China you can see that the relative market share, size and growth of the incumbent banking system hasn’t shifted very much,” he said.
Singapore-based internet platform company Sea …