Solve yawning income gap, and make another billion? DBS throws down gauntlet

SINGAPORE'S new nationwide financial data sharing initiative can help banks narrow the income inequality gap exacerbated by Covid-19, and simultaneously create a billion-dollar business opportunity for the nation's largest lender, DBS chief Piyush Gupta said on Monday.

All Singapore residents, including non-DBS/POSB customers, can access Singapore Financial Data Exchange (SGFinDex) via the bank's digital financial planning tool DBS NAV Planner, with the bank targeting lower-income earners who lack the traditional know-how, risk appetite and excess savings for investment.

"This fundamental idea that people with low income are disadvantaged, and continue to be disadvantaged because they don't find an opportunity to leverage the opportunities in the financial market - that is a true social problem," said Mr Gupta in a media briefing following the government's announcement on SGFinDex.