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DBS Group to open digital bank in Indonesia

DBS GroupHoldings Ltd. will bring its digital banking mobile app toIndonesia by the end of 2016, with plans to roll out the app in other parts ofAsia afterward, The Nikkei reportedJuly 11, citing CEO Piyush Gupta.

The Singapore-based bank launched the app in India in early 2016. It plans togradually introduce the service to China, Taiwan and Hong Kong after Indonesia.

The app allows users to open an account online without theneed to go to a physical branch. The bank will then send the withdrawal anddeposit card to the customer.

DBS Group had invested about S$5 billion in its digitalefforts as its sees more customers doing transactions online, according to thereport.

The bank has also been focusing on the use of blockchaintechnology in trade finance. Gupta believes that the technology could helpeliminate fraud inthe trade finance system. The bank was said to have been working withStandard CharteredPlc to see if the technology can be used for trade financeinvoicing.

As of July 11, US$1 wasequivalent to S$1.35.