DBS CEO says hard for digital banks to gain market share in Singapore

DBS CEO says hard for digital banks to gain market share in Singapore

Banking, Dbs

3/12/2021 1:11:00 PM

DBS CEO says hard for digital banks to gain market share in Singapore

HONG KONG: Singapore's soon-to-launch online-only banks will find it hard to carve out space in the city-state's market, DBS Chief Executive Piyush Gupta told the Reuters Next conference.

"In Singapore, it's not that easy for digital banks to carve out space," he said, pointing to Singapore's 98% banking penetration and incumbents' strong digital product suite. - Reuters

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