Singapore’s DBS Bank Launches Mobile-Only Bank in India

Singaporean multinational banking and financial services firm DBS Bank Ltd has announced the launching of its mobile-only bank in India, the country’s first.

In a media statement, DBS CEO Piyush Gupta said DBS is excited to roll out a revolutionary, mobile-only bank in India at a time that India’s bankign system is at the cusp of massive change.

Account-opening will be done through a network of outlets run by DBS’s partner, including over 500 cafes across India for a start.

“Digibank’s efficiencies and lower costs enable us to pass on significant benefits to customers in the form of greater customer value,” said Gupta.

According to the bank, customer authentication will be done purely using the Aadhaar card, a biometrics-enabled ID that has been issued to over one billion Indians. – BusinessNewsAsia.com

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