DBS Bank to set up new technology hub in Hyderabad

Biggest offshore tech centre outside its headquarters

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Singapore-based DBS Bank has decided to set up in Hyderabad its biggest technology hub outside its headquarters.

The lender has appointed Mohit Kapoor as the head of its Technology Development Centre in Hyderabad. Prior to joining DBS, he was the global delivery leader and chief technology officer at Bank of America – Continuum, based in Hyderabad.

Going ahead, the company also plans to hire about 1,500 people over the next two years.

“It is in line with our vision to leverage technology to make banking simpler and more seamless for customers. India was a choice market for this investment given its enabling ecosystem for technology innovation and access to a wide global talent pool,” said Piyush Gupta, chief executive officer, DBS.

This is also in tandem with the bank’s decision to focus on technology and in order to grow it, the lender has launched a mobile-only bank recently. The lender believes that this technology hub would help in strengthening its technological capabilities across the region as well as its overall digital banking strategy.

“With this facility, we will be able to develop and retain digital intellectual property, have greater ownership and control of technology, and accelerate new ways of working,” said Surojit Shome, chief executive officer, DBS India.

This comes at a time when the bank is awaiting clearance from the Reserve Bank of India to convert into a wholly-owned subsidiary in the country.

The application was made in April last year.