Singapore could follow Hong Kong in handing out virtual banking licenses, according to the head of the largest local lender, in a move that would create another source of competition for the city state’s established banks.
Provided incumbent lenders have been upgrading their digital capabilities, any virtual banking newcomers shouldn’t be considered a threat, Gupta said. “To my mind, that’s just basically giving a few more banking licenses,” he added. Virtual banks typically have lower operational costs than traditional lenders that rely on brick-and-mortar branch networks. Last month, Gupta told DBS’s annual shareholder meeting that a new digital bank could generate $100 of income from a cost base a little above $30. In contrast, DBS’s cost-to-income ratio stood at 44 percent last year.
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