Latest news with #DBS
Business Times
5 hours ago
- Business
- Business Times
No one to be left behind in Singapore's AI push, says Tan Kiat How
[SINGAPORE] The government is doing all it can to help companies, workers and citizens harness the potential of artificial intelligence (AI), said Senior Minister of State for Digital Development and Information Tan Kiat How at an event on Tuesday (Jul 22). 'We are putting in place the infrastructure, the investment ecosystem to help companies and workers make full use of this technology', he said in a speech at the DBS 'Live Fulfilled' employee carnival. To help small businesses adopt AI, the government is running programmes such as SMEs Go Digital, which provides financial support for the adoption of advanced digital tools such as Gen AI, he said. There are also efforts to ensure that companies stay safe from potential cyberattacks – whether they are large enterprises often facing online threats, or smaller businesses that are still vulnerable. By supporting the integration of AI in companies' work processes, the government is also giving workers the opportunity to learn the right way to use AI tools, Tan noted. In addition, ambassadors from the SG Digital Office are teaching the elderly digital skills such as Gen AI. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Tan gave the example of a grandmother using Gen AI to find a simplified recipe for fish and chips, which she wanted to cook for her grandson. 'We are not leaving anyone behind (in the adoption of AI)', he said. He believes that AI will not steal the jobs of human workers because there are many tasks it cannot perform. In the tech sector, AI can generate code efficiently – but someone needs to define what the code should do and whether it is reliable. Although the nature of jobs may change, 'in Singapore, especially when we don't have enough people, there will always be jobs', he said. Companies may be anxious about using AI, so large institutions such as DBS can 'lead by example' through active adoption of the technology, he noted. DBS introduces AI career coach At the carnival, DBS launched iCoach – a Gen AI-powered virtual coach for its employees. The program can be accessed by the bank's offices in Singapore, Indonesia, India, China, Hong Kong and Taiwan, a spokesperson from the bank said during a product demonstration. iCoach's knowledge base was developed jointly with Marshall Goldsmith, a career coach with more than four decades of experience working with managers and executives. The virtual coach provides employees with personalised, on-demand career guidance to help them navigate the workplace. Available around the clock, it draws on DBS' roles, functions and internal mobility pathways to deliver relevant career advice. Seventy per cent of coached employees made improvements in work performance, relationships and communication, and 80 per cent reported higher self-confidence, data from International Coaching Federation and Better Up Career Coaching indicated. In response to The Business Times' query on whether iCoach will be used widely by DBS employees, the bank's spokesperson said the launch event was a key attempt at raising awareness of the tool. Employees also have access to human resource software that may guide them to iCoach, she added.
Straits Times
5 hours ago
- Business
- Straits Times
DBS new gen AI virtual coach can help employees seeking dream roles in the bank
Find out what's new on ST website and app. SINGAPORE – DBS Bank employees will be able to tap a new virtual coach meant to help them perform to their best and to figure out future career moves within the bank. Dubbed iCoach, the generative artificial intelligence-powered software will guide users via a virtual persona called Ren. It was launched during DBS' sixth Live Fulfilled Carnival, an employee event held on July 22 at its Marina Bay Financial Centre headquarters attended by Senior Minister of State for Digital Development and Information Tan Kiat How. The chatbot is able to identify what viable career shifts employees can make with their current role and skill sets. It can also tell them what more they need to qualify for dream roles, provide practical tips on how to demonstrate sought-after traits for such roles, as well as highlight the available support for formal training they may need. The answers are customised to each employee's professional background and personal motivations. The chatbot will be made available to employees in Singapore, Indonesia, China, Taiwan, Hong Kong and India to start with. At the event, Mr Tan, who is also Senior Minister of State for Health, spoke on the prospects of AI and robotics, as well as the need to ensure trust and inclusive adoption of both technologies in a keynote speech. This means lifting up people here via the right training and investment ecosystem to ensure Singapore remains relevant in the tech world, he said. This includes helping companies, even smaller firms, to find ways to adopt AI and stay safe from digital threats. The Government has consistently invested in people here in previous waves of computerisation and digitalisation, he said, and it will continue doing so to help workers make full use of AI and other new technologies. 'Our workers can only be productive only if they use the tools in the right way, with the right work processes.' In a subsequent fireside chat with DBS Singapore country head Lim Him Chuan, Mr Tan talked about the need for workers to also take ownership of their own skill gaps, and how banks like DBS can help foster greater adoption of new technologies by leading by example. Senior Minister of State for Digital Development and Information Tan Kiat How (left) and DBS Singapore country head Lim Him Chuan during a fireside chat on July 22. PHOTO: LIANHE ZAOBAO Guard rails to make sure that AI output is explainable, fair and trustworthy will be essential too, he added. Trained with DBS internal documents to have the right context, iCoach is a joint development with top leadership coach Marshall Goldsmith – his first with an Asian company. It complements an existing chatbot already in use within the bank for more general applications. The virtual coach will also provide staff another option to get solid advice on demand at all times, on top of existing avenues to arrange for meetings with managers, mentors or human resources teammates for guidance. Dr Goldsmith told The Straits Times in an e-mail interview that coaching is important especially for those taking up new leadership responsibilities. 'The very behaviours and strengths that helped someone succeed as an individual contributor often fall short when they step into leadership. Coaching helps bridge that gap,' he said .
Straits Times
6 hours ago
- Business
- Straits Times
STI ends flat as regional indexes close mixed
Find out what's new on ST website and app. The STI closed up 0.03 per cent or 1.13 points to 4,208.26. SINGAPORE - The Straits Times Index (STI) closed flat on July 22, as regional indexes showed mixed performances. The STI closed up 0.03 per cent or 1.13 points to 4,208.26. Across the broader market, advancers outnumbered decliners 329 to 229 after 1.4 billion shares worth $1.3 billion changed hands. The trio of local banks closed lower on July 22, with DBS down 0.02 per cent or one cent to $47.25. UOB was down 0.3 per cent or 10 cents to $37; and OCBC closed down 0.5 per cent or eight cents to $17.19. Jardine Matheson was the top gainer on the STI, closing up 2.5 per cent or US$1.35 to US$55.26. The biggest loser was Wilmar International, which closed down 0.7 per cent or two cents to $3. Across the region, major indexes were mixed, with the Kospi down 1.3 per cent and the Nikkei 225 down 0.1 per cent. Hong Kong's Hang Seng Index closed up 0.5 per cent and the KLCI down 0.3 per cent. The approach to earnings season by companies has been cautious, with many downshifting their guidance in the first quarter, citing tariff risk and macro uncertainty, said Mr Stephen Innes, managing partner, SPI Asset Management. This has created some room for positive surprises, as some of the second quarter's strength has been in front-loaded demand, promising stronger revenue and profits.
Business Times
6 hours ago
- Business
- Business Times
Leaving no one behind in Singapore's AI push: Tan Kiat How
[SINGAPORE] The government is doing all it can to help companies, workers and citizens harness the potential of artificial intelligence (AI), said Senior Minister of State for Digital Development and Information Tan Kiat How at an event on Tuesday (Jul 22). 'We are putting in place the infrastructure, the investment ecosystem to help companies and workers make full use of this technology', he said in a speech at the DBS Live Fulfilled employee carnival. To help small businesses adopt AI, the government is running programmes such as SMEs GO Digital, which provides financial support for the adoption of advanced digital tools such as Gen AI, he said. There are also efforts to ensure that companies stay safe from potential cyberattacks – whether they are large enterprises often facing online threats, or smaller businesses that are still vulnerable. By supporting the integration of AI in companies' work processes, the government is also giving workers the opportunity to use AI tools and learn the right approach to it, Tan noted. In addition, ambassadors from the SG Digital Office are teaching the elderly digital skills such as Gen AI. A NEWSLETTER FOR YOU Friday, 8.30 am SGSME Get updates on Singapore's SME community, along with profiles, news and tips. Sign Up Sign Up Tan gave the example of an auntie using Gen AI to find a simplified recipe for fish and chips, to cook for her grandson. 'We are not leaving anyone behind (in the adoption of AI)', he said. He believes that AI will not steal the jobs of human workers because there are many tasks it cannot perform. In the tech sector, AI can generate code efficiently – but someone needs to define what the code should do and whether it is reliable. Although the nature of jobs may change, 'in Singapore, especially when we don't have enough people, there will always be jobs', he said. Companies may be anxious about using AI, so large institutions such as DBS can 'lead by example' through active adoption of the technology, he noted. DBS introduces AI career coach At the carnival, DBS launched iCoach – a Gen AI-powered virtual coach for its employees. The program can be accessed by the bank's offices in Singapore, Thailand, India, China, Hong Kong and Taiwan, a spokesperson from the bank said during a product demonstration. iCoach's knowledge base was developed jointly with Marshall Goldsmith, a career coach with more than four decades of experience working with various managers and executives. It provides employees with personalised, on-demand career guidance to help them navigate the workplace. Available around the clock, the virtual coach draws on DBS' roles, functions and internal mobility pathways to deliver relevant career advice. Seventy per cent of coached employees saw improvements in work performance, relationships and communication, while 80 per cent reported higher self-confidence, indicated data from International Coaching Federation and Better Up Career Coaching. In response to The Business Times' query on whether iCoach will be used widely by DBS employees, the bank's spokesperson said the launch event was a key attempt at raising awareness of the tool. Employees also have access to human resource software that may guide them to iCoach, she added.
Mint
6 hours ago
- Business
- Mint
DBS Conferred Three Global Awards, Including the Most Prestigious ‘World's Best Bank' Accolade, by Euromoney
Singapore & India – Business Wire India Recognised as 'World's Best Bank for Customer Experience' and 'World's Best Bank for Corporate Responsibility' Also named 'Best Digital Bank for SMEs – India' in a first-time win from Euromoney DBS scored a hat-trick of global wins at the Euromoney Awards for Excellence 2025. This included receiving the 'World's Best Bank' accolade, marking the third time that the bank has clinched Euromoney's top accolade since 2019. The recognition is a testament to DBS' solid financial performance, unwavering commitment to customer excellence, relentless focus on innovation and strong sense of purpose. DBS was also named the inaugural winner in the 'World's Best Bank for Customer Experience' category and 'World's Best Bank for Corporate Responsibility' for the second time. In another maiden win from Euromoney, DBS has been recognised as the Best Digital Bank for SMEs in India, underlining the value that its digital-first offering has delivered for customers domestically as well. 'At a time of economic uncertainty and rapid technological change, DBS stands out for its future-forward approach, focus on trust and reliability, and proven ability to realise value from technology investments,' said Dominic O'Neill, Head of Banking, Euromoney, in its award citation. 'The bank's agile-at-scale transformation has shown fruits in revenues and customer satisfaction, and low staff turnover rates are a result of investing in its employees throughout their careers, and of an underlying sense of purpose, including to social and environment causes. DBS has also demonstrated how banks can steer their organisations towards excellence in customer service. All this has had an impact on its financial results and shareholder returns, which have both reached record levels.' In 2024, DBS' total income of SGD 22.3 billion and net profit of SGD 11.4 billion were both at new highs. Return on equity of 18.0% was one of the highest among developed market banks. The bank was also the first Singapore-listed company to cross USD 100 billion in market capitalisation. On the customer front, DBS has continued to innovate to make banking simpler, more effortless and highly personalised. In 2024, this included engaging more than 13 million customers across the region through 1.2 billion AI-powered personalised nudges to guide them towards better investment and financial decisions. Last year, the bank more than doubled economic outcomes from AI to SGD 750 million through over 370 use cases. It also continued to mature the way it manages through journeys, improving customer satisfaction, turnaround times and other customer outcomes in the process. DBS' commitment to corporate responsibility cuts across the environmental, social and governance pillars. To help drive Asia's transition to a low-carbon economy, DBS has committed SGD 89 billion in sustainable financing commitments net of repayments. It has also pledged up to SGD 1 billion and over 1.5 million volunteer hours in the coming decade, starting 2024, to improve lives and livelihoods of the low-income and underprivileged in Asia. Tan Su Shan, DBS CEO, said: 'We are very honoured to be conferred three global awards, including the 'World's Best Bank' accolade, by Euromoney. Innovation and purpose are integral to the DBS culture, driven by our desire to make banking simpler and more effortless for customers, as well as to do real things for real people. To be recognised for our commitment to customers and society, who are at the heart of everything we do at DBS, is very gratifying. We will continue to be that trusted, purpose-driven and transformative partner that everyone can count on.' Rajat Verma, Managing Director and CEO, DBS Bank India, added 'The recognition from Euromoney is an affirmation of the trust our customers place in us and the impact we have on the communities we serve. The first-time award for 'Best Digital Bank for SMEs' in India has reinforced that our support for SMEs is truly valued, as we help them innovate, internationalise and increase competitiveness.' DBS received its first global Best Bank title in 2018, when New York-based Global Finance named it the Best Bank in the World. That same year, The Banker, a publication by the Financial Times, awarded DBS the title of Global Bank of the Year. In the years that followed, DBS continued to earn top honours, with Euromoney and Global Finance conferring their highest accolades in 2019 (Euromoney), 2020 (Global Finance), and 2021 (Euromoney). This latest World's Best Bank win marks the eighth time DBS has been recognised for its global leadership. DBS is a leading financial services group in Asia with a presence in 19 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. In 2025, CRISIL Ratings reaffirmed its 'CRISIL AAA/Stable' rating on the corporate credit facility of DBS Bank India Ltd (DBIL). The rating on the certificate of deposits programme was also reaffirmed at 'CRISIL A1+'. Recognised for its global leadership, DBS has been named 'World's Best Bank' by Global Finance, 'World's Best Bank' by Euromoney and 'Global Bank of the Year' by The Banker. 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 and the world's 'Most Innovative in Digital Banking' by The Banker. In addition, DBS has been accorded the 'Safest Bank in Asia' award by Global Finance for 16 consecutive years from 2009 to 2024. In 2025, DBS Bank India was recognised by CRISIL - Coalition Greenwich as the Best Bank for Corporate Banking and Best Bank for Corporate Cash Management in India. Euromoney also named DBS Bank India the Best Digital Bank for SMEs in India in 2025. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS Bank has been present in India for more than 30 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. As a trusted partner, DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India, focusing on a seamless customer experience that helps them 'Live more, Bank less'. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. DBS Bank India is now present in ~350 locations in 19 Indian states. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit Note to the Reader: This article is part of Hindustan Times' promotional consumer connect initiative and is independently created by the brand. Hindustan Times assumes no editorial responsibility for the content.
