In a first for a Singapore and Asian bank, DBS Bank has overtaken larger, more established banks to be named Best Bank in the World. The prestigious top award was conferred to DBS by Global Finance in its World’s Best Global Banks 2018 Awards.
Receiving the Best Bank in the World award underlines DBS’ increasing international recognition and stature on the world stage, particularly for its leadership in digital transformation. In July, the bank was crowned World’s Best Digital Bank by Euromoney for the second time in three years. It was also named World’s Best Bank for SMEs.
Said Joseph D. Giarraputo, publisher and editorial director of Global Finance, “The global economy remains in flux, with US-led trade disputes exacerbating uncertainty. The world’s best banks are forces of continuity even as they adapt to rapidly changing regulatory and market conditions.”
“To become the Best Bank in the World requires a special combination of safety and innovation in today’s rapidly evolving financial services industry. DBS Bank is pointing the way to the future for the entire industry with its digital transformation, strong financials and good corporate citizenship. Southeast Asia’s largest bank, and most valuable company, continues to win new customers by using its own technology to make banking simpler and more efficient.”
Since 2014, DBS has embarked on a transformation programme believed to be the most comprehensive for a bank, encompassing being digital to the core, journey thinking, culture change and a methodology that measures the impact of digitalisation on its bottom line.
Its groundbreaking innovations in recent years include launching POSB Smart Buddy, the world’s first in-school wearable tech savings and payment programme. Last year, DBS rolled out the world’s largest banking application programming interface developer platform. On the community front, the DBS Foundation has mentored and nurtured numerous social enterprises across Asia. Internally, the bank has also inculcated a startup culture and mindset among its 26,000 employees, so they can deliver a kind of banking that is simple and effortless, enabling customers to live more and bank less.
Piyush Gupta, DBS CEO, said, “As we seek to reimagine banking, we are gratified by the global recognition of our efforts. Receiving the Best Bank in the World award is a great honour and shows once again that Singapore punches above its weight. It is a moment of pride that we are honoured to share with all our customers, employees and shareholders.”
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of its 26,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
Click here to read DBS' 2018 Annual Report - Best Bank in the World.