Singapore May Allow Virtual Banks After Hong Kong Move, DBS Says

The transcript discusses the strong business momentum and improved economic conditions, despite previous political and economic headwinds. It addresses the disruption risk in banking due to fintech advancements and the importance of retraining staff. The impact of technology on the workforce is explored, highlighting job displacement and creation. The company's fintech transformation strategy and selective investments are outlined. Finally, the regulatory environment and considerations for investment products are discussed.

What factors contributed to the improved economic conditions in the first quarter?

• Decrease in global demand

• Monetary policy tightening

• Increased trade tensions

• Fiscal and monetary stimulus by China

What is the company's approach to handling job displacement due to technological advancements?

• Reducing the workforce without retraining

• Outsourcing jobs to other countries

• Hiring only new graduates

• Implementing a strong development program for retraining

How does the company view the potential impact of technology on its workforce in the next 5 to 10 years?

• Only low-skilled jobs will be affected

• All jobs will be replaced by robots

• Technology will have no impact on jobs

• A large number of jobs can be displaced

What has been a significant benefit of the company's digital transformation?

• Higher return on equity from digitally engaged customers

• Increased operational costs

• Lower customer satisfaction

• Decreased market share

What is the company's strategy regarding investments in fintech companies?

• Focusing only on large acquisitions

• Avoiding investments in fintech

• Taking small stakes in companies that align with strategic goals

• Investing in any available fintech company

What is the company's stance on the introduction of virtual banks in Singapore?

• They see it as a threat to traditional banks

• They believe it will create an unlevel playing field

• They view it as an opportunity for more banking licenses

• They think it will lead to increased regulation

Who is responsible for determining the risk levels of investment products for retail investors?

• The regulator

• The company selling the products

• The retail investors themselves

• The financial advisors