DBS: A purpose-driven and innovation-led bank for Asia

Straits Times

2 days ago

Much like how Singapore has always punched above its weight, DBS today stands toe-to-toe with its global peers, anchored by its ambition to be the Best Bank for a Better World
DBS CEO Tan Su Shan at the Euromoney Awards for Excellence 2025 where the bank won the 'World's Best Bank' accolade for the third time since 2019. DBS was also the inaugural winner as 'World's Best Bank for Customer Experience' and was lauded 'World's Best Bank for Corporate Responsibility' for the second time.
IN 1968, as Singapore was just finding its feet as an independent republic, a bank was established to finance the future of a young nation. The Development Bank of Singapore as it was then known, DBS was tasked with nation-building, underwriting the industrialisation of a city that dared to dream. Nearly six decades on, DBS has not only become Southeast Asia's largest bank by assets but has also been recognised as the World's Best Bank multiple times by leading global publications. Yet, its identity remains deeply interwoven with Singapore's own journey.
'These developmental roots speak to our culture of purpose in nation-building and helping our clients on their growth paths,' says DBS CEO Tan Su Shan.
From shaping skylines to seeding industries, DBS in its early years played a central role in Singapore's rise. Its involvement in strategic industrial projects laid the groundwork for Singapore's future in many sectors, including high-tech industries. It also helped develop pivotal real estate projects, including the Raffles City Convention Centre, then the largest commercial property development in Singapore. These projects not only transformed the cityscape but also sparked economic activity that propelled the country forward.
Hon Sui Sen (left), Howe Yoon Chong (2nd from left) and S Dhanabalan (right) topping off the 50-storey DBS Building in 1974. All three served as DBS Chairmen.
As Singapore developed, DBS evolved from a state-led development institution into a full-fledged commercial bank. It played a crucial role in establishing Singapore's financial infrastructure with pioneering innovations. The bank launched Autosave, Singapore's first interest-bearing current account, in 1980 and introduced PayLah! in 2014, driving digital payment adoption well ahead of the national PayNow system.
In addition, DBS helped catalyse the development of Singapore's fledgling capital market, leading the stock market listings of iconic brands like Singapore Airlines and SingTel. The bank enabled participation of retail investors in new listings via ATMs – a global first.
As a pioneer of real estate investment trusts (REITs), DBS launched CapitaMall Trust, Singapore's first REIT, and subsequently helped establish Singapore as Asia's largest REIT hub outside Japan. In wealth management, DBS worked closely with the Monetary Authority of Singapore (MAS) to promote Singapore as a wealth hub, launching AI-driven platforms and championing sustainable investing.
The integration of POSB into the DBS family further embedded the bank into the everyday lives of Singaporeans. 'The notion of being 'neighbours first, bankers second' further entrenched our role in society,' says Tan. 'We became more deeply embedded in the lives of Singaporeans – even right from birth with many parents opening their baby's first bank account with POSB.'
Today, Singapore is positioning itself for its next phase of development beyond SG60 with a focus on technology and innovation, building a sustainable and green future, and fostering a more inclusive society. DBS is aligning itself to meet those national priorities. 'As a leader in digital banking and a strong champion of helping companies transition to net-zero, we will continue to reimagine banking to support the nation's ambitions,' says Tan.
DBS is also growing its footprint in what it calls 'connectivity markets' such as the Middle East, Australia and the West, following the expansion of its long-term Asian clients into new geographies. 'While we remain an Asia-focused bank, our aim is to follow our clients as they grow,' says Tan.
Banking with purpose
While many companies speak of values and vision, DBS has built its strategy and operations around a simple yet powerful purpose: to be the Best Bank for a Better World.
'Being purpose-driven is part of our DNA,' says Tan. 'From the time of DBS' and POSB's founding as the Development Bank of Singapore and 'People's Bank' respectively, we have believed in good citizenship.'
'Core to this is our belief that as a bank, we can do well by doing good – that is, to make a positive impact by enriching lives, transforming businesses and serving the communities we operate in,' Tan adds.
That ethos is embedded in the bank's core values as captured in the mnemonic PRIDE! (Purpose-driven, Relationship-led, Innovative, Decisive, Everything Fun!) These are not just slogans on posters but criteria in performance reviews and daily decisions.
'Being purpose-driven is the reason DBS – through POSB – banks underserved segments such as migrant workers in Singapore,' Tan notes. 'It also underlines our efforts over the years to democratise financial planning for Singaporeans, support small businesses, and bolster digital and financial literacy efforts.'
In 2014, DBS established the DBS Foundation to expand its impact beyond banking. Over the past decade, it has committed S$130 million to causes that drive social good and environmental sustainability. Now, that commitment is scaling up. 'In the coming decade, we are upsizing our commitment to S$1 billion to foster inclusion and provide essential needs to Asia's vulnerable,' Tan reveals.
DBS aims to be the Best Bank for a Better World, anchored by its belief in doing well by doing good which includes creating impact beyond banking.
PHOTO: DBS
Innovating for the future of banking
Through the past decade, DBS has become globally synonymous with digital transformation. The lender's reinvention from a traditional bank into a tech-enabled one has drawn global accolades and positioned it at the cutting edge of the future of finance.
'Our culture of innovation is anchored on our entrepreneurial mindset and agile ways of working,' says Tan. 'We have organised ourselves around customer journeys, where cross-functional teams are empowered to experiment and deliver at speed.'
Although it is already at the forefront of innovation, DBS continues to break new tech frontiers. Artificial intelligence, generative AI, and decentralised finance are not future ambitions but are already being industrialised across the bank's operations. DBS Token Services, a blockchain-powered platform for institutional clients, is one example of smart contract automation and tokenised asset services.
'We're doubling down on industrialising the use of AI and Gen AI to amplify productivity and reduce toil for employees, while driving more hyperpersonalised and contextual solutions for our customers,' Tan explains.
DBS sees innovation not just as a competitive advantage but as a means to improve lives. 'Ultimately, we are leveraging technology to make banking simpler, smarter and more inclusive,' says Tan.
Anchored in Asia, adapting for growth
Unlike its regional peers, DBS has a unique footprint across Asia's three key growth engines: Southeast Asia, South Asia and North Asia. The bank's six core markets – Singapore, Hong Kong, China, Taiwan, India and Indonesia – provide resilience and opportunity.
'Our diversified geographic footprint has been a source of strength,' says Tan.
Adaptability, underpinned by a robust regional network, is also vital in today's volatile global economy. DBS has been working with its clients to reconfigure supply chains, explore alternative trade routes, and manage liquidity across jurisdictions. The lender also sees Asia's long-term fundamentals as unshaken.
Trade outside the US – what DBS calls 'TOTUS' – accounts for nearly 90 per cent of global trade and around 85 per cent of GDP. Asia is leading the charge.
'Asia accounts for more than half of the world's middle-class households and manufacturing value add,' Tan notes. 'In 2024, the region contributed almost 60 per cent of global growth and accounted for more than half of global trade.'
Intra-Asian integration, rising affluence and accelerating digital adoption continue to power the region. For DBS, this is fertile ground to deepen its presence, innovate locally and connect markets.
Flying the Singapore flag high
From its roots as a domestic development bank, DBS today operates on a truly global stage. The lender has been named the World's Best Bank eight times since 2018 by various international publications and has maintained its title as Asia's Safest Bank for 16 consecutive years. In 2024, its return on equity of 18 per cent placed it seventh among global peers – a position most banks from markets the size of Singapore's can only dream of.
(From left) DBS Chairman Peter Seah, Senior Minister Lee Hsien Loong and former CEO Piyush Gupta celebrating the bank's 50th anniversary in 2018.
PHOTO: DBS
Tan credits a mix of structural strengths and the bank's own transformation drive for these accolades. 'DBS has been a beneficiary of Singapore's status as a key global financial centre,' she says. 'We have also leveraged structural megatrends such as the region's rising middle class, burgeoning wealth creation, cross-border flows and infrastructure build-up.'
As DBS continues to grow across the region and beyond, it remains anchored in the ethos that built it: putting customers first, embracing change, and doing what is right.
'We are honoured to have flown the Singapore flag high on the world stage all these years,' says Tan. 'Going forward, we stand by an unwavering belief that by being at the forefront of change, and guided by purpose, we can create a future that is not just successful but also sustainable and impactful.'