Piyush Gupta, CEO of Development Bank of Singapore (DBS), left no doubt as to what his concerns
were when he warned that “banks in Asia are on a burning platform of competition from mobile and
internet companies” in the DBS News July 2015 article “Banking Disrupted” (DBS, 2015c).
Indeed, with the development of technologies in recent years, a scenario of banking where
customers did not require banks but simply transferred money directly from payer to payee had
become more practically feasible.
The idea of peer-to-peer payment scheme was not new. But its feasibility as a wide-scale implementation had grown with more matured technologies, like secured payments, encrypted network transmissions, digital identity certificate and affordable mobile smartphones. Customers’ need for an intermediary agent such as a bank to effect their payments diminished as payment alternatives grew.
Read the report here.