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DBS Bank

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DBS Bank Limited
FormerlyThe Development Bank of Singapore Limited (1968–2003)
Company typePublic
SGX:D05
IndustryBanking
PredecessorFinancing division of theEconomic Development Board
Founded16 July 1968;56 years ago(1968-07-16)
HeadquartersMarina Bay Financial Centre,Singapore
Area served
Singapore, Indonesia, Malaysia, Thailand, Vietnam, India, China, Hong Kong, Taiwan, Japan, South Korea, Australia, United Arab Emirates, United Kingdom
Key people
ProductsFinancial services
ServicesRetail banking,corporate banking,investment banking,mortgage loans,private banking,wealth management,credit cards,finance and insurance
RevenueIncreaseS$16.5 billion (2022)[1]
IncreaseS$8.19 billion (2022)[1]
Total assetsIncreaseS$743.4 billion (2022)[1]
Total equityDecreaseS$57.07 billion (2022)[1]
Number of employees
c. 36,000(2022)[1]
Rating
Websitedbs.com.sg

DBS Bank Limitedis aSingaporeanmultinationalbanking andfinancial servicescorporation headquartered at theMarina Bay Financial Centrein theMarina Baydistrict ofSingapore.The bank was previously known asThe Development Bank of Singapore Limited,which "DBS"was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank.[2]It is one of the "Big Three" local banks in Singapore, along withOversea-Chinese Banking Corporation(OCBC) andUnited Overseas Bank(UOB).

DBS is thelargest bankinSoutheast Asiaby assets and among the largest banks in Asia, with assets totalingS$739 billion as of 31 December 2023.[3]It also holds market-dominant positions inconsumer banking,treasury and markets,securities brokerage,equity and debt fund-raising in other regions aside from Singapore, including inChina,Hong Kong,TaiwanandIndonesia.[2]

According toAsian Private Bankermagazine in 2023, DBS replacedCredit Suisseas the third-largestprivate bankin Asia, excluding onshore China, with approximatelyUS$201 billion (S$271 billion) assets under management.[4][5]

Overview

[edit]

Listed on theSingapore Exchange,DBS was officially incorporated by theGovernment of Singaporeon 16 July 1968 to take over the industrial financing responsibilities of theEconomic Development Board(EDB).

DBS's largest and controlling shareholder isTemasek Holdings,Singapore's second-largestsovereign wealth fundafterGIC.As of 31 March 2023,Temasek owns 29% of DBS shares.[6]The bank's reliable capital position has garnered a "AA−" and "Aa1" credit ratings byStandard & Poor'sandMoody's,which are among the highest in the Asia-Pacific region, as well as earning theGlobal Finance's "Safest Bank in Asia" accolade for fifteen consecutive years, from 2009 to 2023.[7]The Bank was also awarded the Best Digital Bank in the World in 2016 byEuromoney.[8]In July 2019, DBS became the first bank in the world to concurrently hold three of the most prestigious global best bank honours from Euromoney, Global Finance andThe Banker.[9]

DBS has been listed on theDow Jones Sustainability Asia Pacific Indexsince 2 October 2018, making it the first bank in Southeast Asia to do so.[10]DBS was one of the first companies in Singapore to be recognised forgender equalityefforts along withCity Developments Limitedin the firstBloomberg L.P.Gender-Equality Index (GEI) that was published in 2018.[11]

History

[edit]

The Development Bank of Singapore Limited was established on 16 July 1968 by the Singapore government to take over the industrial financing responsibilities of theEconomic Development Board(EDB) and began operations on 1 September 1968.[12]The bank's main function upon its establishment was to finance Singapore’sindustrialisationand the government’surban developmentprojects.[13]Back in 1960, the government invited aUnited Nations(UN) industrial survey mission to assess the economic situation in Singapore and to come up with an industrialization programme for the city.[14]The proposal included setting up a development bank, together with an economic body to attractforeign investmentsto Singapore and also provide industrial financing and management of industrial estates.[13]

In April 1968, thenMinister for Finance,Goh Keng Sweerevealed the government’s plans to form a development bank with equity participation from the public in order to have greater financing for Singapore’s industrialisation project. The establishment of the DBS marked the first time theprivate sectorwas allowed to fully participate in the financing ofmanufacturingand other industrial projects in Singapore. With a startup capital of S$100 million, share ownership in its first year of operations comprised the following: S$48.6 million by the Singapore government; S$25.9 million by commercial banks; S$7.6 million by insurance companies and other financial institutions; and S$17.9 million by other companies and members of the public.[13]

DBS launched itstrademark logoin 1972. Set against a white backdrop, the mark consisted of a cluster of four inward-pointing red arrows shaped after thecaissonsof its former headquarters – DBS Building onShenton Way.[13][15]

Acquisition of POSB Bank

[edit]
Main article:POSB Bank

Formerly known as Post Office Savings Bank, it was established on 1 January 1877 at theGeneral Post Office BuildinginRaffles Placeby theStraits Settlementsgovernment.[16]

By 1976, POSB had one million depositors, while deposits crossed theS$1 billion mark. The bank was then renamed POSBank in 1990, before being acquired by DBS Bank on 16 November 1998 for S$1.6 billion (first announced on 24 July 1998),[17][18]giving it a dominant market share with over four million customers.[19]The merger was seen to enable POSB to compete better with full-fledged commercial banks, to better serve more sophisticated customers, and in line with the government's call for local banks to merge and create larger and stronger banks to compete internationally.

POSB Bank still operates one of the highest numbers of bank branches in Singapore, especially in the heartlands, and operates the highest number of ATM outlets throughout the country. The integration of both banks allowed customers of either bank to share the facilities; DBS Bank depositors may use the Cash Deposit Machine installed islandwide in POSBank branches, likewise for POSB Bank depositors.[20]

The Islamic Bank of Asia (2007 – 2015)

[edit]
Main article:The Islamic Bank of Asia

DBS Bank launched The Islamic Bank of Asia (IB Asia) on 7 May 2007, after receiving official approval from theMonetary Authority of Singaporefor a full bank licence. IB Asia's founding shareholders include majority stakeholder DBS and 34 Middle Eastern investors from prominent families and industrial groups fromGulf Cooperation Council(GCC) countries.[21][22]

On 14 September 2015, DBS Bank announced that it will progressively cease IB Asia as it was not able to achieveeconomies of scalewhen operated as a single entity. The process was estimated totakeabout 2 to 3 years.[23]DBS stated that it would be developing its ownIslamic compliant banking productsinstead.

DBS iB Secure Device and Internet banking (2006 – present)

[edit]

Starting in late 2006, the bank began releasing to itsInternet bankingcustomers aDual Factor Authenticationdevice to assist in thwartingphishingattacks. The DBS iB Secure Device is a hardware device with a key fob form factor that generates apasswordthat is linked to the log-on name. The password changes every sixty seconds and once used is no longer valid. The institution Code for DBS is 7171.

In 2012, DBS introduced a New Generation IB Secure Device as part of the financial industry-wide initiative for an even safer online banking experience. The device has stronger authentication capabilities and provides users with an extra layer of security against potential fraudulent activities and threats.[24]

DBS had a total of 2.4 millionInternet bankingusers in Singapore as of 2013.[25]

Digital banking (2010 – present)

[edit]

On 15 April 2010, DBS Bank launched digibank to both DBS and POSB customers. It allows customers to view their banking and credit card accounts, transfer funds and pay bills via their mobile phones.

Customers using digibank will be protected by DBS Bank's 'money-safe' guarantee. The bank promised reimbursements if were are any unauthorised transactions.[26]

As of 2013, there were 839,000 digibank users in Singapore.[25]

In 2014, DBS released its mobile wallet service named PayLah!, which garnered more than 100,000 users less than two months after its launch in Singapore. As of 2018, PayLah! had more than 1 million users.[27]

In 2014, CEO Piyush Gupta and his leadership team launched a digital transformation programme intended to "Make Banking Joyful". Under this programme, the bank would consider itself "a technology company delivering banking services" and benchmark its progress against leading technology companies and aim to be the "D" in the acronym GANDALF, alongsideGoogle,Amazon,Netflix,Apple,LinkedIn,andFacebook.[28][29][30]

In 2016 and 2018, theEuromoney magazinenamed DBS the world's best digital bank and the world's best small and medium-size enterprise bank.[27]

Digital banking disruptions (2023)

[edit]

On 29 March 2023, DBS experienced a service outage that prevented users from using its digital banking services, including its mobile app and PayLah! app, from about 8.30am until about 5.45pm.[31]TheMonetary Authority of Singapore(MAS) stated that the disruption was "unacceptable" and that the bank had fallen short of MAS's expectations that the bank would maintain "high system availability and ensure its IT systems are recovered expeditiously". The regulator stated that it would "take the commensurate supervisory actions against DBS after gathering the necessary facts".[32]At the bank's annual general meeting held on 31 March 2023, CEO Piyush Gupta apologised for the service outage that had occurred earlier in the month. Chairman Peter Seah announced that a special board committee had been set up to investigate the incident and that external experts would be brought in to assist the bank.[33]

On 5 May 2023, DBS's online banking and payment services, as well as its ATM services, were disrupted from about noon until about 3.10pm. The disruption affected the bank's PayLah! service as well as the 'paywave' feature on credit and debit cards. Following the incident, the MAS imposed additional capital requirements on DBS, requiring it to apply a multiplier of 1.8 times to its risk-weighted assets for operational risk, such that its total additional regulatory capital would need to amount to approximately S$1.6 billion.[34]On 14 October 2023, DBS suffered a service disruption that affected its digital banking services, including its online banking and payment services as well as its ATM services. The disruption lasted from began from 3pm and lasted for at least several hours. At 10.10pm, DBS announced that all ATMs were back up and running, although some digital services, such as digital banking and its PayLah! service continued to be disrupted.[35]

On 1 November 2023, in response to the incidents, the MAS imposed restrictions on DBS: prohibiting it from acquiring any new business ventures and requiring it to pause all non-essential IT changes for 6 months. DBS was also prohibited from reducing the size of its branch and ATM networks in Singapore. CEO Piyush Gupta apologised for the disruption and stated that the bank will set aside a special budget of S$80 million to enhance system resiliency.[36]According to CEO Piyush Gupta, four out of five of the bank's major disruptions in 2023 were related to software bugs, and further that "in at least two or three of these incidents, the bug was so deep that we wouldn't be able to pick it up". He also cited "working from home" as a possible cause for these software bugs and said that the bank intended to improve the depth of its engineering team. DBS has set aside a special budget of S$80 million to enhance system resiliency and hopes to have a more robust recovery process in place by the end of Q1 2024.[37]

Senior leadership

[edit]
  • Chairman:Peter Seah (since May 2010)
  • Chief Executive:Piyush Gupta(since November 2009)

List of former chairmen

[edit]
  1. Hon Sui Sen(1968–1970)
  2. Howe Yoon Chong(1970–1979)
  3. J. Y. Pillay(1979–1985)
  4. Howe Yoon Chong(1985–1990); second term
  5. Ngiam Tong Dow (1990–1998)
  6. S. Dhanabalan(1999–2005)
  7. Koh Boon Hwee(2006–2010)

List of former CEOs

[edit]
  1. Patrick Yeoh Khwai Hoh (1993–1995)
  2. John Olds (1998–2001)
  3. Philippe Paillart (2001–2002)
  4. Jackson Tai (2002–2007)
  5. Richard Stanley (2008–2009)

Shareholders

[edit]

The ten largest shareholders as of 10 February 2023 are:[38]

Name of Shareholders No. of Shareholdings %*
1. Citibank Nominees Singapore Pte Ltd 506,573,088 19.68
2. Maju Holdings Pte Ltd 458,899,869 17.83
3. DBS Nominees Pte Ltd 304,505,697 11.83
4. Temasek Holdings(Private) Ltd 284,145,301 11.04
5. RAFFLES NOMINEES (PTE) LIMITED 229,954,978 8.94
6. HSBC (Singapore) Nominees Pte Ltd 224,771,577 8.73
7. DBS NOMINEES PTE LTD 174,360,762 6.77
8. BPSS Nominees Singapore (Pte) Ltd 26,200,171 1.02
9. Lee Foundation 11,512,813 0.45
10. DBS VICKERS SECURITIES (SINGAPORE) PTE LTD 11,380,066 0.44

* Percentage is calculated based on the total number of issued ordinary shares, excluding treasury shares

Temasek Holdings (Pte) Ltd,a company wholly owned by the Ministry of Finance, is deemed to be interested in all the ordinary shares held by Maju. In addition, Temasek is deemed to be interested in 4,449,781 ordinary shares in which its other subsidiaries and associated companies have or are deemed to have an interest pursuant to Section 4 of the Securities and Futures Act, Chapter 289.

International operations

[edit]

DBS Bank has branches and offices inAustralia,China,Hong Kong,India,Indonesia,Japan,South Korea,Malaysia,Myanmar,thePhilippines,Taiwan,Thailand,theUnited Arab Emirates,theUnited Kingdom,theUnited StatesandVietnam.

China

[edit]

Strategically located in the key trade and financial hubs of mainlandChina,DBS has a network of full service branches in Beijing, Guangzhou, Shanghai, Shenzhen, Suzhou, Tianjin, Dongguan, Nanning and Hangzhou; and representative offices in Fuzhou which provide a comprehensive range of commercial and corporate banking services. In December 2006, DBS Bank received approval from theChina Banking Regulatory Commission(CBRC) to prepare for local incorporation in Mainland China. DBS is the only Singapore bank among nine foreign banks to receive this approval. In 2010, it also became the first Singapore bank to issueUnionPaydebit cards in mainland China.

Hong Kong

[edit]
Main article:DBS Bank (Hong Kong)

DBS started its operations in Hong Kong in 1999 by acquiringKwong On Bankfrom Leung's family & Japanese-basedFuji Bank,and renamed it asDBS Kwong On Bank Limited.It acquiredDao Heng Bank(and its subsidiaryOverseas Trust Bank) in 2001. The three banks were later merged under the trading name ofDBS Bank (Hong Kong) Limited.

India

[edit]

DBS has been present in India for 30 years, opening its first office inMumbaiin 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. The bank now has a network of 530+ branches across 19 states in India[39]with presence in cities such as Bangalore, Chennai, Cuddalore, Calicut, Kochi, Hyderabad, Kolhapur, Kolkata, Coimbatore, Moradabad, Indore, Mumbai (Andheri, Nariman Point), Nashik, New Delhi, Noida, Gurugram, Pune, Salem, Surat and Vadodara.[40]On 17 November 2020,Reserve Bank of IndiainstructedLakshmi Vilas Bank(LVB) to be merged with DBS Bank India Limited after LVB having placed under moratorium for 30 days.[41]

Indonesia

[edit]

DBS has a 99%-owned subsidiary,PT Bank DBS Indonesia,with 39 branches and sub-branches in 11 cities.

On 2 April 2012, DBS announced that it was planning to buy over a majority stake inBank Danamonfrom Temasek Holdings.[42][43]Initial reactions to the proposed purchase in Indonesia were cautious with most commentators saying that the deal was expected to be approved but that government regulators would doubtless wish to look at some of the details, including reciprocity from Singapore policy makers, quite closely before making a final decision.[44]

On 31 July 2013, DBS announced that it had allowed the Bank Danamon bid to lapse, but that they remained committed to Indonesia and will continue to invest and grow the franchise.[45]

Taiwan

[edit]

DBS first established a presence in Taiwan in 1983. In May 2008, DBS integrated Taiwan's Bowa Bank into its operations after acquiring the "good bank assets" in February. There are 40 distribution outlets across the country, half of which are based inTaipei.

In January 2022, DBS announced the acquisition ofCitigroup’s consumer banking business in Taiwan, paying a premium ofS$930 million (NT$22 billion) at the close of the deal. After completing the acquisition on 14 August 2023, DBS became the largest foreign bank by assets in Taiwan.[46]

Awards

[edit]
  • Best SME Banking Brand in Taiwanawarded by Global Brands Magazine.[47]
  • Best Customer Service Brand in Taiwanawarded by Global Brands Magazine.[47]
  • World's Best Bank, by Global Finance (New York).[48]
  • Global Bank of the Year, by The Banker (Financial Times).[49]
  • Asia's Best Bank For SMEs 2022.[50]

Controversies

[edit]

1Malaysia Development Berhad fund fiasco

[edit]
See also:1Malaysia Development Berhad scandal

In October 2016, theMonetary Authority of Singapore(MAS) imposed financial penalties amounting toS$1 million on DBS for 10 breaches of anti-money launderingrequirements and control lapses in relation toMalaysia’s scandal-tainted1Malaysia Development Berhad(1MDB) related fund flows.[51]

Wirecard scandal

[edit]
See also:Wirecard scandal

In June 2023, DBS was finedS$2.6 million by the Monetary Authority of Singapore (MAS) for breaching anti-money laundering and countering the financing of terrorism requirements, in a matter related to theGermanpayments providerWirecardscandal between July 2015 and February 2020, in relation to the accounts of 11 corporate customers.[52]DBS had failed to maintain relevant and up-to-datedue diligenceinformation on the customers’beneficial ownerships,and to update their risk ratings formoney launderingandterrorism financing.The bank also failed to adequately establish the source of wealth of higher-risk customers and their beneficial owners. In addition, it did not adequately inquire into the background and purpose of unusually large transactions that were not consistent with its knowledge of the customers, or had no apparent economic purpose.[53]

HKMA fine (2024)

[edit]

On 5 July 2024, DBS Bank (Hong Kong) Limited was finedHK$10 million (S$1.73 million) byHong Kong Monetary Authority(HKMA) for lapses in adhering to anti-money laundering and counter-terrorist financing regulations. DBS Bank (Hong Kong) failed to continuously monitorbusiness relationshipsand conduct enhanced due diligence in high risk situations. The bank also failed to keep records on some of its customers.[54][55]

References

[edit]
  1. ^abcde"DBS Annual Report 2022"(PDF).DBS.
  2. ^ab"The Development Bank Of Singapore Ltd is Now DBS Bank Ltd".DBS Bank.21 July 2003. Archived fromthe originalon 14 July 2014.Retrieved3 October2020.
  3. ^"About DBS - DBS 2023 snapshot".www.dbs.com.Retrieved31 March2024.
  4. ^"Asia 2023 AUM league table".Asian Private Banker.Retrieved31 January2024.
  5. ^"DBS expands Hong Kong private banking headcount by 25% on better flows".The Straits Times.29 May 2024.
  6. ^"Temasek > Our Portfolio > Financial Services".Temasek.Retrieved1 June2023.
  7. ^"DBS named Safest Bank in Asia for the 15th consecutive year by Global Finance".www.dbs.com.12 October 2023.Retrieved15 December2023.
  8. ^"World's best digital bank 2016: DBS @Euromoney".Euromoney.6 July 2016.Retrieved24 April2017.
  9. ^"DBS named World's Best Bank by Euromoney, a first for an Asian bank".The Straits Times.12 July 2019.
  10. ^"DBS – First bank in Southeast Asia included in Dow Jones Sustainability Index (Asia Pacific)".DBS.2 October 2018.Retrieved24 September2019.
  11. ^"DBS, CDL among firms recognised for gender-equality efforts on Bloomberg index".CNA.23 January 2018. Archived fromthe originalon 31 October 2020.Retrieved6 June2020.
  12. ^Development Bank of Singapore Ltd. (1969).First annual report 1968 (p. 4).Singapore: Development Bank of Singapore Ltd.
  13. ^abcd"Development Bank of Singapore".National Library Board- Singapore Infopedia.Retrieved30 January2019.
  14. ^United Nations. (1963).A proposed industrialization programme for the State of Singapore (pp. 1–3, 118–123).Singapore: U.N. Commissioner for Technical Assistance, Dept. of Economic and Social Affairs. Call no.: RCLOS 338.095951 UNI.
  15. ^"BREAKING NEW GROUND - Big City Dreamer: How DBS Land transformed Singapore from a third-world to first-world metropolis".www.dbs.com.2 August 2023.Retrieved31 October2023.
  16. ^"Establishment of The Post Office Saving Bank".National Library Board.Retrieved13 September2015.
  17. ^"Ministry of Finance Press Statement: Privatisation of POSBank".NAS.24 July 1998.Retrieved3 October2020.
  18. ^"The Development Bank of Singapore Ltd to acquire the business undertaking of the Post Office Savings Bank of Singapore strengthening its position as the largest Southeast Asian bank with total assets of approximately $93 billion".DBS Bank.24 July 1998. Archived fromthe originalon 19 October 2006.Retrieved29 September2019.
  19. ^"DBS Bank completes POSBank and credit POSB acquisition".DBS Bank.16 November 1998. Archived fromthe originalon 18 October 2006.Retrieved29 September2019.
  20. ^"DBS Bank Singapore » BanksinSG.COM".BanksinSG.COM.3 November 2019.Retrieved17 April2020.
  21. ^"DBS Bank and prominent Middle Eastern investors launch The Islamic Bank of Asia".DBS.7 May 2007. Archived fromthe originalon 5 March 2008.Retrieved24 September2019.
  22. ^"DBS invests $380m in 'S'pore's first Islamic bank".The Straits Times (retrieved from NLB).8 May 2007.Retrieved6 August2019.
  23. ^"DBS to wind down Islamic banking unit".The Straits Times. 15 September 2015.Archivedfrom the original on 23 April 2019.Retrieved6 August2019.
  24. ^"DBS online banking - Skip visits to DBS branches | DBS Singapore".
  25. ^ab"DBS Key Highlights – Customer"(PDF).Archived(PDF)from the original on 13 September 2014.
  26. ^"DBS launches mobile banking".AsiaOne.Archived fromthe originalon 18 April 2010.
  27. ^abAw, Cheng Wei; Yahya, Yasmine (11 November 2018)."DBS aims to be the 'D' in Gandalf".The Straits Times.ISSN0585-3923.Retrieved9 November2023.
  28. ^Peh, Chan Chao (25 December 2017)."DBS puts the D in Gandalf and conjures up blue skies".The Edge.Retrieved8 November2023.
  29. ^Speculand, Vinika D. Rao | Robin (15 November 2021)."How DBS Became the 'World's Best Bank'".INSEAD Knowledge.Retrieved9 November2023.
  30. ^"DBS's journey to becoming the best bank in the world through digital and cultural transformation".Euromoney.28 September 2018.Retrieved9 November2023.
  31. ^"DBS digital banking services, including PayLah!, restored after day-long outage".CNA.Retrieved4 November2023.
  32. ^"DBS service outage 'unacceptable', says MAS".CNA.Retrieved4 November2023.
  33. ^"DBS chairman, CEO apologise for service disruption; special committee set up to investigate outage".CNA.Retrieved4 November2023.
  34. ^"DBS digital banking services disrupted for second time in under 2 months; ATMs also affected".CNA.Retrieved4 November2023.
  35. ^"DBS and Citi digital banking services down; all ATMs working again".CNA.Retrieved4 November2023.
  36. ^"MAS bars DBS from acquiring new business ventures for 6 months after repeated banking service disruptions".CNA.Retrieved4 November2023.
  37. ^Ang, Prisca (6 November 2023)."4 of the 5 major DBS disruptions in 2023 were bug- or software-related: CEO Piyush Gupta".The Straits Times.ISSN0585-3923.Retrieved9 November2023.
  38. ^"DBS Annual Report 2022"(PDF).
  39. ^"DBS Bank India reports strong profit and balance sheet growth for FY22-23".www.dbs.com.20 June 2023.Retrieved30 June2023.
  40. ^"DBS Bank Branches and ATMs | DBS Bank India".www.dbs.com.Retrieved31 July2019.
  41. ^"Lakshmi Vilas Bank Under RBI Moratorium, To Be Merged With DBS India".BloombergQuint.17 November 2020.Retrieved17 November2020.
  42. ^Azhar, Saeed; Lim, Kevin (2 April 2012)."DBS to pay $7.2 billion for Indonesia's Bank Danamon".Reuters.Retrieved1 October2019.
  43. ^"DBS mindful of possible headwinds to Bank Danamon deal".Channel NewsAsia. Archived fromthe originalon 22 June 2012.Retrieved11 April2012.
  44. ^Esther Samboh, 'DBS 'confident' of approval for Danamon takeover',The Jakarta Post,12 April 2012.
  45. ^"World's Best Bank | DBS".
  46. ^"DBS becomes largest foreign bank in Taiwan after merger with Citi's consumer banking unit".The Straits Times.14 August 2023.Retrieved30 September2023.
  47. ^ab"AWARD WINNERS 2015".24 March 2015.
  48. ^"DBS named world's best bank in nod to its digital innovation".The Straits Times.27 August 2018.
  49. ^"DBS named global bank of the year by FT publication".The Straits Times.1 December 2018.
  50. ^"DBS Bank has been honoured with Asia's Best Bank For SMEs 2022".Euromoney.
  51. ^"DBS and UBS Fined Over 1MDB Fund Flows".Finews Asia. 11 October 2016.Retrieved11 October2016.
  52. ^"DBS, OCBC, Citibank and Swiss Life fined a total of $3.8m for breaches linked to Wirecard saga: MAS".The Straits Times.21 June 2023.Retrieved30 June2023.
  53. ^"MAS fines DBS, OCBC, Citi, Swiss Life for money-laundering rule breaches uncovered in Wirecard probe".The Business Times.Retrieved30 June2023.
  54. ^"DBS unit fined $1.7m in Hong Kong for anti-money laundering breach".The Straits Times.5 July 2024.Retrieved7 July2024.
  55. ^"The Monetary Authority takes disciplinary action against DBS Bank (Hong Kong) Limited for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance".Hong Kong Monetary Authority.5 July 2024.Retrieved7 July2024.
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