Indonesia, 05 Feb 2021 - Bank DBS Indonesia’s digital banking service, digibank by DBS, recorded a six-fold increase in wealth management transactions during the period 2019-2020. The surge was made possible by continuous education through a series of wealth democratization campaigns and the launch of new wealth management products, Foreign Currency Accounts and Secondary Bonds, on the digibank by DBS application in 2020.

Bank DBS Indonesia also sees a potential increase in the demand for wealth management services in line with Indonesia’s wealth asset growth. Despite the recent economic slowdown due to the Covid-19 pandemic, customers show a growing interest in digital wealth management. Bank DBS Indonesia seized the opportunity to embark on a comprehensive digital transformation and to provide various financial solutions through the digibank by DBS application.

The increase in wealth transactions on the digibank by DBS application was also in line with the more than 500% growth in transaction volume with the number of customers conducting transactions on the application increasing by up to 580%. "We strive to continue to address customer needs and present new, innovative products and services. Through digibank by DBS, we are democratizing wealth so that everyone has the same opportunity to prepare for the future. Through democratization, customers can invest in Secondary Bonds and Foreign Currency Accounts that can be accessed with no conversion fees and at competitive rates,” said PT Bank DBS Indonesia's Managing Director, Head of Digital Banking Group, Leonardo Koesmanto.

Bank DBS Indonesia offers a variety of investment instruments to manage customers' finances safely. digibank by DBS facilitates consumers in selecting investments that are not only safe but also have minimal risks, and are liquid, so that they can be used as emergency funds. Bank DBS Indonesia also offers several other wealth management products, such as:

• Deposit, starting from IDR1 million with a minimum tenor of one month.
• Primary Government Bonds, available only at a specified time at a price that is 100% similar to the price offered to the public (Initial Public Offering or IPO). Currently, digibank by DBS as one of the selling agents of Government Securities is offering the Republic of Indonesia’s Retail Government Bond Series ORI19 that can be purchased starting from IDR1 million. The bond carries a coupon rate of 5.57% gross per year with an order period from 25 January-18 February 2021. The bond matures on 15 February 2024.

As a pioneer of digital banking in Indonesia, digibank by DBS is committed to developing wealth management services to facilitate customers in managing their finances digitally. Through the spirit of wealth democratization, digibank by DBS continues to provide investment education and serve customers who have different needs with the right investment solutions that are easily accessible anytime and anywhere.

 

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About DBS

DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is 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.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020.

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 SG50 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 our 29,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.