Singapore’s long-awaited decision to name the winners of digital bank licences may have stepped up competition concerns, but at least one incumbent bank has remained sanguine.
“You have to respect and be wary of all forms of competition. And the reality is many of these new players bring a very different perspective on how to deal with digital banking; they have good technology. In many cases, they have access to large customer bases. So that’s obviously something you have to keep an eye on,” Piyush Gupta, CEO of DBS, said in a panel discussion Monday at the Singapore Fintech Festival.