DBS’ next logical step in fintech is AI

SINGAPORE (Nov 14): DBS Group Holdings on Monday officially opened DBS Asia X, a 16,000 sf innovation space at Sandcrawler Building in Fusionpolis that features co-working spaces for up to 100 people. The new facility is part of DBS’ plan to develop a FinTech (financial technology) ecosystem to stay ahead of the digital revolution that is threatening to turn traditional banking on its head.  

One good example of the bank’s FinTech collaboration can be seen in its creation of digibank, India’s first mobile-only bank. Digibank uses artificial intelligence (AI) technology from US-based Kasisto, in which DBS holds a 10% equity stake, an intelligent budget optimiser from Singapore-based Moneythor and a soft token solution by Singapore-based V-Key.

 “I'm extremely positive on AI. We’re using different parts of that with what we’re doing with digibank,” says Piyush Gupta, CEO of DBS. Clearly, he, as well as the half a million users of digibank in India, are impressed with Kasisto. “The machine’s ability to handle a whole range of questions and to answer questions based on natural language, is very good.” According to Gupta, Kasisto is able to process payment requests, figure out who the payment is being made to and how much just by tracking the customer’s past behaviour.

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