DBS denies outsourcing plans to India

Development Bank of Singapore (DBS) has denied reports regarding its expansion plans, adding it will not be outsourcing 1,500 jobs in India either: "To be clear, DBS is not relocating its existing tech operations to another location, nor does it have such plans," said a statement from the bank.

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Singapore's largest lender Development Bank of Singapore has denied reports about its expansion plans, saying it was not outsourcing about 1,500 jobs to India.

The bank referred to a last Friday report on a local news website which said Development Bank of Singapore (DBS) was relocating 1,500 jobs for its new technology hub in Hyderabad.

"To be clear, DBS is not relocating its existing tech operations to another location, nor does it have such plans," 'The Sunday Times' quoted the bank's statement on Saturday.

"DBS Asia Hub in Changi Business Park (in Singapore) continues to be the group's largest tech hub anywhere in the world, supporting its digital strategy," said the bank.

The group said the report, which triggered a reaction from netizens on Twitter and Facebook, was probably the result of its announcement in India earlier last week that it is setting up a technology hub in Hyderabad, which will be the biggest outside of Singapore, with plans to recruit 1,500 people for the facility over the next two years.

"The new tech centre in Hyderabad is an addition to DBS' operations as the bank expands," it said in a statement.

A spokesman said the bank hired 600 people in Singapore last year, bringing its total headcount here to 10,300. "DBS continues to hire in Singapore across different functions, including in technology," the spokesman was quoted as saying.

Last week, the bank said the Hyderabad hub will boost the bank's technological capabilities across Asia as well as its digital banking strategy.

It launched India's first mobile-only bank last month, a move that will slowly take capabilities it builds in India and add them to its Singapore operations.