DBS launches digibank in Indonesia

It follows digibank’s success in India last year.

DBS Bank launched a mobile banking service in Indonesia in an attempt to tap the country's mobile-savvy demographic.

According to a press release, the service will be paperless and signature-less and will be powered by an Artificial Intelligence (AI) virtual assistant.

Customers may opt to sign up through an appointment with a digibank agent without the paperwork. DBS will provide biometric technology instead for registration.

The digibank will also have a spending tracker and a soft token security, which has tighter security over One Time Passwords (OTPs) sent through mobile phones.

Additionally, DBS will also offer 3% interest rates for digibank customers "from their first rupiah" and no minimum balance for accounts.

DBS chief executive officer Piyush Gupta said, “A few years ago, we would not have imagined that it would be possible to launch an entire bank in a mobile phone. With digibank, we’ve built a bank that pulls together the power of biometrics, natural language, artificial intelligence and in-built security in one offering. We believe this mobile-led offering represents the future of banking, and are excited to introduce this in Indonesia, a core market for us in Asia.”