DBS Bank targets 3.5m e-wallet users by 2023

Singapore

DBS Bank aims to more than double its mobile wallet users to 3.5 million by 2023 - up from its current user base of 1.6 million - by pivoting its growth strategy to tap key merchants' large customer base here.

In pushing through more partnerships on the DBS PayLah! platform, the lender is boosting its e-wallet offerings at a time where these so-called "Super Apps" from tech companies are raising the stakes for incumbents in the financial sector.