DBS plans foray into India's credit card space: report

The bank aims to launch credit card services by Q3 2020.

DBS Group is preparing to enter the local credit card market in India in 2020, a senior company executive said on Tuesday.

The Singapore-based lender’s move highlights its efforts to tap growth outside its home market to offset weakness in the local economy.

“We will launch our credit card by the second, or the third quarter of next year,” said Shantanu Sengupta, head of consumer banking for DBS in India, on the sidelines of a banking industry event in Mumbai.

Global rivals, such as Citigroup, are also looking to expand their credit card customer base in India.

DBS, which had set a target of reaching a 5 million customer base in India by 2023, now expects to achieve this target early.

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