The CEO of DBS Group Holdings in Singapore believes that Singapore may follow Hong Kong in offering virtual banking licenses; this would create more competition from the city state’s established banks; despite this he believes that the impact would be minimal since these large banks already compete internationally with the largest international banks; this also assumes that the incumbents begin to investing into technology; so far three firms who have received the licenses in Hong Kong have partnered with larger institutions like Standard Chartered and ZhongAn amount others. Source
