News

Financial Services

Clarist Zablan

, Singapore

Published:

6 years ago

OCBC unfazed by potential Chinese entry to Singapore's digital banking market

New entrants will face high regulatory costs.

Bloomberg reported that OCBC is well-placed to take on Chinese technology giants looking to join Singapore's digital banking market, its top executive said.

The entry of such firms would constitute "extended competition but not necessary new competition," CEO Samuel Tsien said, when asked about the threat posed by companies like Jack Ma's Ant Financial Services Group.

New entrants will face high regulatory costs in areas such as "know your customer" and transaction monitoring, Tsien said in an interview. They also will not be allowed to buy customers by offering unrealistic interest rates for depositors and borrowers, he added.

China's Ant Financial and Ping An Insurance are amongst the companies eyeing application for virtual bank licences in Singapore, and Tsien said OCBC may join the race, both as a bank and through its insurance unit.

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