To challenger banks, an incumbent poses S$2 million question

Singapore

THE question behind the worth of a challenger bank may come down to this: would you put two million dollars in a challenger bank?

So asked Jimmy Ng, the incoming head of group technology and operations at DBS. Mr Ng, who spoke to BT before the announcement of the digital banking licence, said the latest licensing framework will put these challenger banks on a similar playing field as the incumbents, particularly in handling regulatory burden.