Singapore may allow virtual banks after Hong Kong move, DBS says

"I see no reason why it would not," DBS Group Holdings chief executive officer Piyush Gupta said in an interview with Bloomberg Television, when asked whether the Singapore authorities might issue similar licenses to Hong Kong.[SINGAPORE] Singapore could follow Hong Kong in handing out virtual banking licenses, according to the head of the largest local lender, in a move that would create another source of competition for the city state's established banks.

Provided incumbent lenders have been upgrading their digital capabilities, any virtual banking newcomers shouldn't be considered a threat, Mr Gupta said."To my mind, that's just basically giving a few more banking licenses," he added.

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