FILE PHOTO: A logo of DBS is pictured outside an office in Singapore January 5, 2016. REUTERS/Edgar Su/File Photo
The Singapore-based lender’s move highlights its efforts to tap growth outside its home market to offset weakness in the local economy. Global rivals, such as Citigroup , are also looking to expand their credit card customer base in India. Earlier this year, India’s top digital payments player Paytm announced plans to launch a card with Citi, giving the U.S. bank an opportunity to service some of Paytm’s more than 300 million clients.
DBS, which had set a target of reaching a 5 million customer base in India by 2023, now expects to achieve this target early.
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Time to invest on western manufacting 😆