DBS Bank

Listed on the Singapore Exchange, the bank was set up by the Government of Singapore on 16 July 1968 to take over the industrial financing activities from the Economic Development Board. Today, its more than 150 branches can be found throughout the country. DBS is the largest bank in Southeast Asia by assets and among the largest banks in Asia, with assets totaling about US$501 billion (S$650 billion) as of 31 December 2019. It also holds market-dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund-raising in other regions aside from Singapore, including in China, Hong Kong, Taiwan, Indonesia and South Korea.[5]

DBS's largest and controlling shareholder is Temasek Holdings, Singapore's second-largest sovereign wealth fund after GIC. As of 31 March 2023, Temasek owns 29% of DBS shares.[6] The bank's reliable capital position has garnered a "AA−" and "Aa1" credit ratings by Standard & Poor's and Moody's, which are among the highest in the Asia-Pacific region, as well as earning the Global Finance's "Safest Bank in Asia" accolade for six consecutive years, from 2009 to 2015.[7][8] The Bank was also awarded the Best Digital Bank in the World in 2016 by Euromoney.[9] In July 2019, DBS became the first bank in the world to concurrently hold three of the most prestigious global best bank honours from Euromoney, Global Finance and The Banker.[10]

DBS has been listed on the Dow Jones Sustainability Asia Pacific Index since 2 October 2018, making it the first bank in Southeast Asia to do so.[11] DBS was one of the first companies in Singapore to be recognised for gender equality efforts along with City Developments Limited in the first Bloomberg L.P. Gender-Equality Index (GEI) that was published in 2018.[12] With operations in 17 markets, the bank has a regional network spanning more than 300 branches and over 1,250 ATMs across 50 cities overseas.[8]

Established on 16 July 1968 by the government to take over the industrial financing activities from the Economic Development Board,[13] the bank's main purpose was to provide loans and financial aid to the manufacturing and processing industries and to help establish and upgrade existing industries in Singapore.Back in 1960, the government invited a United Nations (UN) industrial survey mission to assess the economic situation in Singapore and to come up with an industrialization programme for the city.[14] The proposal included setting up a development bank, together with an economic body to attract foreign investments and provide financing and managing the industrial estates. The bank was incorporated in July 1968 and began operations in September of the same year.[13]

• Chairman: Peter Seah (since May 2010)
• Chief Executive: Piyush Gupta (since November 2009)

The ten largest shareholders as of 10 February 2023 are:[20]

* Percentage is calculated based on the total number of issued ordinary shares, excluding treasury shares

Temasek Holdings (Pte) Ltd, a company wholly owned by the Ministry of Finance, is deemed to be interested in all the ordinary shares held by Maju. In addition, Temasek is deemed to be interested in 4,449,781 ordinary shares in which its other subsidiaries and associated companies have or are deemed to have an interest pursuant to Section 4 of the Securities and Futures Act, Chapter 289.

DBS Bank has branches and offices in Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Myanmar, the Philippines, Taiwan, Thailand, the United Arab Emirates, the United Kingdom, the United States and Vietnam.

DBS Bank launched The Islamic Bank of Asia (IB Asia) on 7 May 2007, after receiving official approval from the Monetary Authority of Singapore for a full bank licence. IB Asia's founding shareholders include majority stakeholder DBS and 34 Middle Eastern investors from prominent families and industrial groups from Gulf Cooperation Council (GCC) countries.[29][30]

On 14 September 2015, DBS Bank announced that it will progressively cease IB Asia as it was not able to achieve economies of scale when operated as a single entity. The process was estimated to take about 2 to 3 years,[31] with DBS Bank developing their Islamic compliant banking products instead.

Starting in late 2006, the bank began releasing to its Internet banking customers a Dual Factor Authentication device to assist in thwarting phishing attacks. The DBS iB Secure Device is a hardware device with a key fob form factor that generates a password that is linked to the log-on name. The password changes every sixty seconds and once used is no longer valid. The institution Code for DBS is 7171.

In 2012, DBS introduced a New Generation IB Secure Device as part of the financial industry-wide initiative for an even safer online banking experience. The device has stronger authentication capabilities and provides users with an extra layer of security against potential fraudulent activities and threats.[32]

DBS has a total of 2.4 million Internet banking users in Singapore as of 2013.[33]

On 15 April 2010, DBS Bank launched mBanking to both DBS and POSB customers. It allows customers to view their banking and credit card accounts, transfer funds and pay bills via their mobile phones.

Customers using mBanking will be protected by DBS Bank's 'money-safe' guarantee. The bank promised reimbursements if there are any unauthorised transactions.[34]

As of 2013, there were 839,000 mBanking users in Singapore.[33]

• Best SME Banking Brand in Taiwan awarded by Global Brands Magazine.[35]
• Best Customer Service Brand in Taiwan awarded by Global Brands Magazine.[35]
• World's Best Bank, by Global Finance (New York).[36]
• Global Bank of the Year, by The Banker (Financial Times).[37]
• Asia's Best Bank For SMEs 2022.[38]