DBS CEO says tough for digital banks to muscle into Singapore [Reuters]
Sea Limited American Depositary Shares, each representing one Class A Ordinary Share (SE)
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Source: Reuters
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 Ltd (SE.N) as well as Southeast Asian ride-hailing firm Grab's venture with Singtel (STEL.SI) are set to start operations on a restricted basis from 2022 after they won full digital bank licences in December. But Gupta said guidelines by the Singapore regulator that ensure newer entrants have a profitable business over the next few years would prevent them from buying market share by running huge losses over time. "
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