Both DBS and UOB’s share prices have been moving higher. The consistent upward movement of DBS’s share caused JP Morgan to turn cautiously positive on it for some months. At one point JP Morgan had downgraded DBS to neutral. In a report dated July 3, JP Morgan upgraded DBS to “overweight” from “neutral”.
As the challenger banks such as Green Link Digital Bank, ANEXT, GXS Bank, MariBank and Trust Bank chase customers, loans, deposits, and elusive profits, that other digital bank, the “Digital Bank of Singapore”, better known by its acronym DBS, has made new highs. DBS Group Holdings introduced digibank, its digital bank, back in 2016.
In 2019, United Overseas Bank (SGX:U11
) (UOB) launched TMRW in Thailand, which has since been renamed UOB TMRW. Both digibank and UOB TMRW are Singapore’s first digital banks.
