“There is no digital bank out there which has created digital capability or experiences or products or solutions better than we have,” says Gupta, who was speaking at DBS’s 1HFY2024 results briefing on Aug 7.
Are digital banks truly a threat to the incumbent traditional banks? Five years after the Monetary Authority of Singapore (MAS) issued licences for digital banks, DBS Group Holdings CEO Piyush Gupta says that he is unfazed by the new competition coming from these purely digital players.
While he acknowledges that new digital bank players are threats, he notes that “the Singapore banks have done enough to ensure we are as credible as any digital challenger”.
