According to a top official from DBS bank, the soft launch will first be targeted at the existing customers of the bank. The CEO of DBS group, Piyush Gupta, said that the bank had plans in place to launch its digital banking services and chose India as the country’s digital banking enabling eco-system is favorable. The other countries that were on DBS’ radar for the soft launch of its digital banking services were China and Indonesia.
Currently, DBS boasts a presence in about 12 cities across India, and the services will be made available to customers in cities such as Delhi, Mumbai, Bangalore, Kolkata, Chennai, and Pune. However, it will a few months before the bank announces an official offline launch, said Gupta. The bank has ambitious network expansion plans in India, which could see the launch of about 60 to 70 new branches. These expansion plans will be put into motion once the DBS group has received an approval from the Reserve Bank of India to set up these branches as wholly-owned subsidiaries of the DBS Group.
The bank expects to receive approval for the same in the next few months from the Reserve Bank of India. Gupta was speaking at the event CEO Roundtable on Manufacturing Opportunities in ‘New’ India.
The booming e-commerce landscape in India has paved the way for profitable digital banking opportunities here, and DBS wants to make sure it isn’t left out of the race. The industry roundtable was organized by Apex Avalon Consulting, a strategy consultant based in Singapore.