DBS named World’s Best Digital Bank

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First Asian Bank to win in global category of prestigious Euromoney Awards

Lauded for “creating a truly digital financial institution”
Piyush Gupta Euromoney award
 

HONG KONG,11 July 2016 -

DBS Bank has received worldwide recognition for its digital agenda, becoming the first bank to be named World’s Best Digital Bank at the prestigious Euromoney Awards for Excellence. According to Euromoney, “the award for the world’s best digital bank was one of the hardest-fought of all”, with BBVA, Citi and ING named as other strong contenders for this hotly contested award. In the end, DBS pipped the others for the global award because of the all-pervasive nature of its digital transformation.

"Leaders in digital banking talk about the difference between digitising aspects of a bank and creating a truly digital financial institution," said Clive Horwood, editor of Euromoney magazine. "DBS is doing this better than any other bank. It is demonstrably the case that digital innovation pervades every part of DBS, from consumer to corporate, SMEs to transaction banking and even DBS Foundation."

DBS’ win marks the first time a Singapore as well as Asian bank has won a global accolade from Euromoney, one of the world’s leading financial publications. Euromoney also named DBS Asia’s Best Bank, another first for a Singapore bank.

Said Piyush Gupta, CEO of DBS Bank, “At DBS, we believe that banks tomorrow will look fundamentally different from banks today. That’s why we have spent the past three years deeply immersed in the digital agenda. This has been an all-encompassing journey, whether it is changing the culture and mindsets of our people, re-architecting our technology infrastructure, or leveraging Big Data, biometrics and AI to make banking simple and seamless for customers. Winning Euromoney’s World’s Best Digital Bank award is great encouragement to us, and testament to the strides we’ve made in re-imagining banking.”

In Hong Kong in 2015, DBS became the first bank to launch a dedicated accelerator programme for FinTech startups. Since then, DBS Accelerator has been instrumental in supporting startup businesses and entrepreneurs to deliver breakthrough innovations in the world of finance.

In April, DBS launched digibank in India, the country’s first mobile-only bank. Digibank is branchless, paperless and signatureless, and leverages a combination of groundbreaking technology such as biometrics and artificial intelligence to revolutionise the overall customer experience.

Across its markets, DBS’ retail, wealth and corporate customers are also increasingly engaging with the bank digitally. In 2015, 16% of DBS’ new wealth customers opened accounts with the bank digitally. Today, over 90% of the bank’s remittances are also done by customers digitally using DBS Remit.

To create a “fintech-like” workforce, the bank encourages its people to embrace a digital mindset through experiential learning and experimentation through programmes such as hackathons. Last year, more than 2,000 employees gained exposure to digital culture, agile methodology and other digital concepts.

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About DBS
DBS - Living, Breathing Asia
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 capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for seven consecutive years from 2009 to 2015.

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. The bank is also at the forefront of leveraging digital technology to shape the future of banking. 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 our 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.