Published on 17 Nov 2020

DBS - Rebooting Banking

Case Study by Chin Chee Kai

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.