Development Bank of Singapore (DBS) is planning on opening a new technological hub in India.
The hub will be based in Hyderabad and will be the largest outside of Singapore.
The bank is expected to hire 1,500 employees at the facility, over the next 2 years.
“The new facility will be our largest tech hub outside our home market of Singapore. India was a choice market for this investment given its enabling ecosystem for technology innovation and access to a wide global talent pool,” DBS Group Chief Executive Piyush Gupta said.
Initially, some newspapers reported that DBS plans to move jobs from the Singapore technology hub, to the one in India.
For example, The Independent reported that – “One thousand five hundred jobs will be farmed out to DBS’s technology hub in Hyderabad over the next two years, said Piyush Gupta in a press statement earlier this week.”
This led to a wave of comments from concerned netizens in Singapore, on Facebook and Twitter.
DBS was quick to respond and clarify.
“To be clear, DBS is not relocating its existing tech operations to another location, nor does it have such plans,” said the bank in its statement yesterday.
It added: “DBS Asia Hub in Changi Business Park continues to be the group’s largest tech hub anywhere in the world, supporting its digital strategy. The new tech centre in Hyderabad is an addition to DBS’ operations as the bank expands.”