DBS Bank Launches Mobile-Only Bank, Targets 5 Million Customers

Singapore based DBS bank has launched Digibank, a mobile app which helps you to open an e-wallet and a bank account.

To complete the process, the users do not need to visit the bank as it all can be completed through various options given by the company. However, the users with a bank account can avail this opportunity as an existing account is needed to load money.

Through the app the user can save their credentials and it will automatically logout once the user closes the app. A virtual assistant facility is also provided to answer the queries.

It also provides options such as recharge, fund your account, deals, Visa debit card, statements and certificates. To convert to e-wallet into a bank account one needs Aadhaar while for KYC compliance, one needs Permanent Account Number, Aadhaar and biometric authentication.

DBS global CEO Piyush Gupta said the bank is targeting five million bank accounts in India with digibank and its wallet services. DBS India accounts for around 5 per cent of the bank’s global book. The bank has invested Rs 6,500 crore in India so far.

He added, “We will be launching Digibank in China and Indonesia next. We want to build a liability book of Rs 50,000 crore and an asset book of Rs 10,000 crore in the next two-three years on this platform.”

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