DBS launches digibank in Indonesia

DBS on Tuesday launched its digibank in Indonesia, staking a claim on the country's emerging wealth by taking advantage of the swell of Internet usage.

In going paperless, the mobile-led bank uses technology such as biometrics and artificial intelligence to serve banking customers. DBS cited a survey showing that around 91 per cent of Indonesian citizens have a mobile phone, and 47 per cent of them own smartphones.

Among other benefits, customers can open an account with no minimum balance and earn 3 per cent interest.

"A few years ago, we would not have imagined that it would be possible to launch an entire bank in a mobile phone," said DBS chief executive officer Piyush Gupta in a press statement.

"With digibank, we've built a bank that pulls together the power of biometrics, natural language, artificial intelligence and in-built security in one offering. We believe this mobile-led offering represents the future of banking, and are excited to introduce this in Indonesia, a core market for us in Asia."

DBS launched its digibank in India more than a year ago, and has secured more than one million customers since then.