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REUTERS NEXT-DBS CEO says hard for digital banks to gain market share in Singapore -Breaking

by Mike Robinson

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© Reuters.

HONG KONG (Reuters). Singapore’s soon to be launched online-only banks will have difficulty securing space in the local market, Piyush Gopta, Chief Executive of DBS, told the Reuters Next conference.

Gupta stated, “Even in countries like Brazil or China, you can see that relative market share and size as well as growth of the existing banking system haven’t changed very much.”

He said that “in Singapore it’s difficult for digital banks to make space” pointing out Singapore’s 98% bank penetration and the strong product portfolio of incumbents.

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