DBS CEO says fintech firms need more scrutiny by regulators

(Sept 6): Regulators need to increase their scrutiny of non-bank firms that are moving into the financial business, according to the chief executive officer of DBS Group Holdings, Southeast Asia’s largest lender.

“Absolutely,” Piyush Gupta said when asked at a Bloomberg forum in Singapore whether more regulation is needed for technology and other firms that are competing with traditional banks for payments and settlements business.

“You do need to think about financial-system stability, and you do need to think about the consequences of unregulated players in what has been for good reasons a regulated industry,” Gupta said Thursday at the Sooner Than You Think technology summit.

---

Related Stories

• Link REIT appoints Eng-Kwok Seat Moey as independent non-executive director
• Delfi to see continued margin pressure, analysts keep ‘hold’ and ‘add’ calls
• DBS blazes past $100 bil market cap, dominates banking and super big cap categories

---