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Thursday, November 19, 2020 – 11:34 am
“Over time, it will begin to have a more level playing field and it will begin to get a commensurate and even regulatory response from all market participants,” CEO Piyush Gupta said in an interview with Bloomberg Television on Thursday.
Gupta spoke after being asked for his opinion on the suspension of Ant Group’s initial public offering (IPO) in China as regulators seek to level the competition between fintech giants and traditional banks.
“Our view has been in the past that many technology companies have been able to benefit from arbitration by not having the same regulatory regime and supervisory overhead that banks have,” Gupta said. “And so as we get to that stage, that’s really helpful to us.”
While he declined to comment on his plan to merge the bank’s India unit with Lakshmi Vilas Bank due to pending regulatory approval, Gupta said such a deal will not affect DBS’s dividend payments. China, India and Indonesia are key regional markets in which the bank is expanding, he said.
BLOOMBERG
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