HONG KONG (Reuters) – Singapore’s soon-to-launch online-only banks will find it hard to carve out space in the city-state’s market, DBS Chief Executive Piyush Gupta told the Reuters Next conference.
“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,” said Gupta.
“In Singapore, it’s not that easy for digital banks to carve out space,” he said, pointing to Singapore’s 98% banking penetration and incumbents’ strong digital product suite.
(Reporting by Anshuman Daga, Aradhana Aravindan and Alun John)
