DBS Group Holdings Ltd., the largest of the three homegrown lenders, reported Monday a better-than-expected 15% jump in net income to S$1.63 billion ($1.2 billion) in the September quarter. Singaporean banks did handsomely after the Federal Reserve resumed monetary tightening at the end of 2016. To stay relevant, Singapore banks will have to invest more in tech. Now, Singapore is throwing open the local banking market for the sake of the city-state’s own competitiveness. Lower-for-longer global interest rates will hurt, though if they sit down and do their digital homework, the pain will be considerably less.

Source: Washington Post November 11, 2019 04:22 UTC