Singapore could be next to issue virtual banking licenses, says DBS

Piyush Gupta, chief executive officer of DBS Group Holdings Ltd Photographer: Wei Leng Tay/Bloomberg

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.

“I see no reason why it would not,” DBS Group Holdings Ltd. Chief Executive Officer Piyush Gupta said in an interview with Bloomberg Television, when asked whether the Singapore authorities might issue similar licenses to Hong Kong. But he downplayed the likely impact on Singapore’s existing banks, which are already competing with international giants like Citigroup Inc. as well as financial technology startups.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter