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DBS CEO welcomes China's fintech clampdown, says it will create fairer competition with banks

Bloomberg
Bloomberg11/19/2020 11:55 AM GMT+08  • 2 min read
DBS CEO welcomes China's fintech clampdown, says it will create fairer competition with banks
On the same day, CEO Gupta said his plan to merge DBS's India unit with Lakshmi Vilas Bank won't impact DBS's dividend payment.
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DBS Group Holdings Ltd.’s top executive welcomes the increased regulatory scrutiny of financial technology companies in China and elsewhere in Asia, saying it will create fairer competition with banks that have been subject 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 Executive Officer Piyush Gupta said in an interview with Bloomberg Television on Thursday.

Gupta spoke after being asked for his view on the shelving of Ant Group Co.’s initial public offering in China as regulators seek to level competition between fintech giants and traditional banks.

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