DBS Bank to set up new technology hub in Hyderabad
Posted on: 17 May 2016 17:48:59
17 May 2016 Current Affairs: Singapore-based DBS Bank has decided to set up in Hyderabad its biggest technology hub outside its headquarters.The lender has appointed Mohit Kapoor as the head of its Technology Development Centre in Hyderabad. Prior to joining DBS, he was the global delivery leader and chief technology officer at Bank of America Continuum, based in Hyderabad.
India was a choice market for this investment given its enabling ecosystem for technology innovation and access to a wide global talent pool.
This is also in tandem with the bank’s decision to focus on technology and in order to grow it, the lender has launched a mobile-only bank recently. The lender believes that this technology hub would help in strengthening its technological capabilities across the region as well as its overall digital banking strategy.With this facility, we will be able to develop and retain digital intellectual property, have greater ownership and control of technology, and accelerate new ways of working.
This comes at a time when the bank is awaiting clearance from the Reserve Bank of India to convert into a wholly-owned subsidiary in the country.The application was made in April last year.
DBS Bank : DBS Bank Ltd is a Singaporean multinational banking and financial services company. The company was known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank.The bank was set up by the Government of Singapore in June 1968 to take over the industrial financing activities from the Economic Development Board. Today, its branches numbering more than 100 can be found island-wide. DBS Bank is the largest bank in South East Asia by assets and among the larger banks in Asia.
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