– Euromoney names DBS ‘World’s Greatest Financial institution’ and ‘World’s Greatest Digital Financial institution’ for 2021
– DBS counseled for ‘not simply surviving a disaster, however utilizing it as an opportunity to innovate and to be a greater financial institution’
MUMBAI, India, Sept. 15, 2021 /PRNewswire/ — For the fourth consecutive 12 months, DBS has been recognised because the World’s Greatest Financial institution, entrenching the financial institution’s place as an trade chief reshaping the way forward for banking. DBS’ most up-to-date international greatest financial institution accolade comes from main UK-based monetary publication Euromoney, which has honoured DBS with the ‘World’s Greatest Financial institution’ title for the second time in three years, in its Awards for Excellence 2021. Euromoney additionally named DBS ‘World’s Greatest Digital Financial institution’, making it the primary time any financial institution on the planet has held each titles concurrently.
Louise Bowman, Editor of Euromoney, stated: “Of all of the banks we cowl worldwide, DBS was the one that almost all clearly demonstrated a uncommon ability: not simply surviving a disaster, however utilizing it as an opportunity to innovate and to be a greater financial institution. In addition to fortitude and profitability, it confirmed opportunism and sensible pondering, all underpinned by its digital management.”
Through the Covid-19 pandemic, DBS doubled down to assist its prospects and the broader group remained resilient in disaster. It accredited greater than 12,000 collateral-free loans totalling over SGD 6.2 billion, and SGD 11 billion in mortgage moratoriums for micro, small and medium enterprise (MSME) prospects. It additionally allowed householders throughout its regional markets to defer mortgage repayments amounting to SGD 5.2 billion in mortgage aid in 2020. On the peak of the pandemic, DBS additionally harnessed its wider tech infrastructure to facilitate Singapore authorities pay-outs of greater than SGD 31 billion digitally to assist households and companies in want.
On the similar time, the financial institution wasted no time in fortifying its enterprise for the longer term. Over the previous 12 months, DBS leveraged its robust capital place to execute strategic transactions to anchor its development in two of its key markets – amalgamating Lakshmi Vilas Financial institution in India, and buying a 13% stake in Shenzhen Rural Business Financial institution in China, changing into its largest shareholder in consequence.
As an trade chief in digital innovation, DBS additionally launched a number of ground-breaking initiatives that faucet on rising applied sciences similar to blockchain and synthetic intelligence. They embody:
- DBS Digital Change, a blockchain-based ecosystem for fundraising by way of asset tokenisation and secondary buying and selling of digital belongings together with cryptocurrencies.
- Local weather Influence X, a worldwide change and market for prime quality carbon credit.
- Partior, a blockchain-based open trade platform that disrupts the standard cross-border funds mannequin.
- DBS NAV Planner, a revolutionary digital advisory answer powered by over 100 AI fashions that helps prospects with monetary planning, retirement planning, and taking a self-directed strategy to investing digitally.
Piyush Gupta, DBS CEO, stated: “We’re honoured that Euromoney has chosen to recognise us as World’s Greatest Financial institution and World’s Greatest Digital Financial institution as soon as once more. In a troublesome pandemic 12 months, we’re heartened that now we have been in a position to strongly assist prospects, staff and the group, whereas delivering a resilient set of earnings. On the similar time, we determined early on to make use of the disaster as a platform to additional reposition ourselves basically as a financial institution of the longer term. We acquired stakes in banks in India and China to cement our place in Asia, and likewise launched new landmark digital initiatives. As we checked out key traits which we imagine will re-shape the post-pandemic world – traits similar to hyper-digitalisation, provide chain shifts, and an elevated sustainability focus – seven or eight large enterprise concepts emerged. Our digital and carbon exchanges, new blockchain funds three way partnership, and AI digital advisor NAV Planner, have been borne out of this.”
DBS’ first international greatest financial institution accolade was conferred by International Finance in 2018, when the New-York based mostly publication named it ‘Greatest Financial institution within the World’. In the identical 12 months, DBS was Monetary Occasions publication The Banker’s decide for ‘International Financial institution of the Yr’. Euromoney and International Finance honoured DBS with their most prestigious greatest financial institution accolades in 2019 and 2020 respectively, the latter award given in recognition of DBS’ wide-ranging assist for purchasers, staff and the group through the Covid-19 pandemic. The 2021 Euromoney title makes it the fourth 12 months in a row that DBS has picked up a worldwide Greatest Financial institution accolade. Earlier this 12 months, DBS additionally clinched The Banker’s most prestigious digital banking award, and was named the International winner in The Banker’s Innovation in Digital Banking Awards 2021.
DBS is a number one monetary companies group in Asia with a presence in 18 markets. Recognised for its international management, DBS has been named “World’s Greatest Financial institution” by Euromoney, “International Financial institution of the Yr” by The Banker and “Greatest Financial institution within the World” by International Finance. The financial institution is on the forefront of leveraging digital expertise to form the way forward for banking, having been named “World’s Greatest Digital Financial institution” by Euromoney and the world’s “Most Progressive in Digital Banking” by The Banker. As well as, DBS has been accorded the “Most secure Financial institution in Asia“ award by International Finance for 12 consecutive years from 2009 to 2020. DBS was additionally ranked No. 1 on Forbes’ record of the World’s Greatest Banks in India for 2 consecutive years.
DBS Financial institution has been current in India for 27 years, opening its first workplace in Mumbai in 1994. DBS Financial institution India Restricted is the primary among the many massive overseas banks in India to begin working as a wholly-owned, regionally included subsidiary of a number one international financial institution. DBS gives a complete vary of banking companies for big, medium and small enterprises and particular person shoppers in India. In 2016, DBS launched India’s first mobile-only financial institution – digibank, which now has ~1 million financial savings accounts. In November 2020, Lakshmi Vilas Financial institution was amalgamated with DBS Financial institution India Restricted. The financial institution now has a community of practically 600 branches throughout 19 states in India.
DBS gives a full vary of companies in shopper, SME and company banking. As a financial institution born and bred in Asia, DBS understands the intricacies of doing enterprise within the area’s most dynamic markets. DBS is dedicated to constructing lasting relationships with prospects, and positively impacting communities by way of supporting social enterprises, because it banks the Asian means. It has additionally established an SGD 50 million basis to strengthen its company social duty efforts in Singapore and throughout Asia. In 2020, DBS launched the “In direction of Zero Meals Waste” initiative as a part of a worldwide sustainability apply to encourage a shift in behaviours and mindsets to scale back meals waste.
With its in depth community of operations in Asia and emphasis on participating and empowering its employees, DBS presents thrilling profession alternatives. The financial institution acknowledges the eagerness, dedication and can-do spirit in all our 30,000+ employees representing over 40 nationalities. For extra data, please go to www.dbs.com.
SOURCE DBS Financial institution India