(Bloomberg) — DBS Group Holdings Ltd.’s high government welcomes the elevated regulatory scrutiny of economic expertise corporations in China and elsewhere in Asia, saying it is going to create fairer competitors with banks which have been topic to stricter oversight.
“Over time you will start getting a more level playing field, and you’ll start getting a proportionate and even regulatory response to all participants in the market,” Chief Govt Officer Piyush Gupta stated in an interview with Bloomberg Tv on Thursday.
Gupta spoke after being requested for his view on the shelving of Ant Group Co.’s preliminary public providing in China as regulators search to degree competitors between fintech giants and conventional banks.
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“Our view has been in the past that many technology companies have been able to benefit from the arbitrage of not having the same regulatory regime and supervision overhead that banks do,” Gupta stated. “And so as we get to that stage that’s actually helpful to us.”
Whereas declining to touch upon his plan to merge the bank’s India unit with struggling Lakshmi Vilas Bank Ltd. as a result of pending regulatory approval, Gupta stated such a deal gained’t impression DBS’s dividend cost. China, India and Indonesia are key regional markets the bank is increasing into, he stated.
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