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  • DBS Launches Digital Exchange as a Secure Portal for $4 Trillion Asset Market

    In recent years, exchange-traded funds (ETFs) have emerged as a straightforward pathway for institutions looking to invest in Bitcoin, shedding the complexities typically associated with digital asset ownership. As regulatory frameworks continue to evolve globally, the positioning of banks like DBS as reliable exchanges has paved the way for investors to navigate this burgeoning ecosystem with confidence.

    Regulatory Shifts Elevate Digital Assets

    The recent passage of the Genius Act in the United States marked a significant milestone, lending legitimacy to the digital asset sector. David Hui, Chief Commercial Officer of DBS Digital Exchange (DDEx), highlighted that legislative advances in Singapore, Hong Kong, and throughout the Middle East and North Africa (MENA) region have further enhanced the regulatory landscape. “Governments are realizing that they cannot leave this entirely to the free markets without any sense of regulation or oversight,” Hui remarked at the ABF IA Summit 2025, showcasing the growing recognition of the need for structured guidelines in an otherwise chaotic market.

    DBS’s Vision for a Secure Marketplace

    DBS envisions itself as a safe haven within the trillion-dollar digital asset marketplace, providing services that merge traditional banking with the innovative world of cryptocurrencies. Among the features offered by DDEx is the ability for customers to convert digital assets to fiat currency directly, along with trading options against fiat currencies. “We also facilitate asset tokenization, particularly security token offerings,” he noted, revealing plans for a tokenized money market fund expected to launch in November 2025.

    ETFs: Simplifying Institutional Investments

    ETFs have rapidly gained traction as the largest holders of Bitcoin, boasting US$153 billion in assets under management (AUM) for Bitcoin ETFs and US$25 billion for Ethereum ETFs. This influx of institutional money marks a turning point, with companies and even governments now looking to these funds as an easier entry point into cryptocurrency. “Essentially, the presence of crypto digital asset-backed ETFs allows institutions to gain access to this asset class without the technical complexity of custody,” Hui explained. He indicated that ETF structures resonate with fund managers and asset management firms, effectively inviting more players into this exciting market.

    Global Trends and Institutional Interest

    On a larger scale, nations are now incorporating substantial portions of digital assets into their portfolios. For instance, Ukraine has approved legislation to include Bitcoin in its national reserves, and Bhutan has set its sights on harnessing hydroelectric power for Bitcoin mining. The appeal of digital assets for institutional clients extends beyond mere investment; they present tangible solutions to daily payment collection challenges. “The stablecoin use case has historically been represented as a transfer of value, including remittance and trade finance applications,” Hui stated, underscoring the practical utility driving this interest.

    Innovative Custody Solutions from DDEx

    DBS Digital Exchange is also stepping up with a custody solution tailored for institutions, providing a secure environment for asset management. As the digital asset landscape matures, DBX is clearly positioning itself to be at the forefront of this dynamic market, ready to support institutional clients eager to embrace the future of finance—one Bitcoin at a time.

    Questions & Answers

    How are ETFs changing the way institutions invest in digital assets?
    ETFs simplify the investment process for institutions by providing a familiar security vehicle, allowing them to gain exposure to Bitcoin and other cryptocurrencies without dealing with the complexities of digital asset custody.

    What role is DBS playing in the digital asset market?
    DBS is positioning itself as a secure marketplace for digital assets, offering services like direct fiat conversion, trading against fiat currencies, and innovative solutions such as a custody service and upcoming tokenized financial products.

    Why are governments increasingly interested in digital assets?
    Governments see digital assets as a viable component of national reserves, with countries like Ukraine recognizing Bitcoin’s potential. Additionally, countries like Bhutan are leveraging renewable energy sources to engage in Bitcoin mining, indicating a forward-thinking approach to national financial strategies.

  • DBS’s Multi-Family Office VCC Reaches Milestone with S$1 Billion in Assets Under Management!

    DBS’s Multi-Family Office VCC Reaches Milestone with S$1 Billion in Assets Under Management!

    In a remarkable feat, DBS Private Bank’s multi-family office has soared to a record S$1 billion in assets under management (AUM) merely two years post-launch. The DBS Multi Family Office Foundry VCC (DBS MFO), which debuted in 2023, proudly claims the title of the world’s first bank-backed multi-family office. Since its inception, this financial innovator has attracted 25 ultra-high-net-worth (UHNW) families from across the globe, according to a press release from Singapore’s largest bank issued on September 23, 2025.

    Intriguingly, many of these families initially contemplated establishing their own single-family offices (SFO) in Singapore. However, DBS has successfully enticed them with appealing features including “cost optimization, manpower benefits, and streamlined administration” offered by the DBS MFO.

    Among the appealing services provided is a “plug-and-play” solution that allows families to set up a sub-fund through DBS. This arrangement automatically qualifies for tax incentives through the Variable Capital Company (VCC) structure. Furthermore, DBS takes care of ongoing regulatory reporting, ensuring that capital is professionally managed within the bank’s robust framework.

    To join this exclusive club, clients need an investment of just S$15 million, and intriguingly, there’s no requirement to invest exclusively in DBS products. This flexibility has clearly resonated with clients: as of September 2025, DBS has a hand in more than one-third of Singapore’s established SFOs, showcasing significant growth as its Family Office AUM has more than doubled in just two years.

    Lee Woon Shiu, group head of wealth planning, Family Office & Insurance Solutions at DBS Private Bank, noted that client interest in succession planning and wealth preservation is surging. DBS is currently engaging with over 15 prospective clients who are exploring the potential of the DBS MFO as an attractive solution to their financial needs. “We are on track to achieve our goal of doubling our AUM by the end of 2026,” Lee confidently asserted.

    Questions & Answers

    What is the DBS Multi Family Office offering that differentiates it from traditional family offices?
    DBS MFO provides a bank-backed model that includes streamlined administration, cost optimization, and a “plug-and-play” sub-fund setup benefiting from tax incentives.

    How much do clients need to invest to qualify for DBS MFO?
    Clients are required to invest a minimum of S$15 million, which opens the door to a range of tailored wealth management services.

    What future targets does DBS aim to achieve with its multi-family office?
    DBS is aiming to double its assets under management to S$2 billion by the end of 2026, propelled by increasing client interest in succession planning and wealth preservation.

  • DBS Innovates: Tokenizes Structured Notes for Seamless Distribution through ADDX, DigiFT, and HydraX

    DBS Innovates: Tokenizes Structured Notes for Seamless Distribution through ADDX, DigiFT, and HydraX

    DBS Bank is taking a significant leap into the digital finance space by launching a series of tokenized structured notes on the Ethereum public blockchain, marking a pivotal moment in the integration of traditional banking with blockchain technology. This innovative approach will see the bank distributing these digital financial instruments through partnerships with platforms like ADDX, DigiFT, and HydraX.

    Revolutionizing Access to Cryptocurrency

    The initial offering focuses on cash-settled cryptocurrency-linked participation notes. These products provide investors the opportunity to profit from rising cryptocurrency prices without the hassle of managing the digital assets themselves. Essentially, investors receive a cash payout when prices soar, while the structure of the notes is designed to cushion against potential losses when the market dips. It’s a refreshing alternative for those wary of directly diving into the choppy waters of cryptocurrency trading.

    A New Era for Structured Notes

    Structured notes, while often complex and requiring a minimum investment of US$100,000, can cater to individual investor needs, making them non-fungible by nature. With DBS’s tokenization process, each structured note will be divided into individual tokens, each representing a US$1,000 share. This innovation enhances flexibility and accessibility for investors looking to enter or exit the market with precision. To put it simply, it’s like having a buffet of investment options, where you can choose just a taste without committing to a full meal.

    Broadening Investment Horizons

    DBS is not stopping at cryptocurrency-linked notes; the bank plans to extend its tokenization efforts to other types of structured instruments, including equity-linked and credit-linked notes. This initiative aims at providing accredited and institutional investors with greater flexibility and sophisticated tools to effectively manage their portfolios in an ever-evolving financial landscape.

    Questions & Answers

    How will DBS’s tokenized notes benefit investors?
    Investors gain access to cash-payouts linked to cryptocurrency price movements without the need to manage the assets directly, and the notes are structured to protect against potential losses.

    What is the minimum investment for these structured notes?
    Typically, structured notes require a minimum investment of US$100,000, but with tokenization, investors can buy into these notes through individual tokens of US$1,000 each.

    What types of structured notes will DBS tokenize beyond cryptocurrency?
    DBS plans to tokenize various other structured notes, including equity-linked and credit-linked notes, broadening the spectrum of investment opportunities for its clients.

  • DBS and UOB Earnings Reveal How SORA and Rising Credit Costs Shape the Banking Landscape

    DBS and UOB Earnings Reveal How SORA and Rising Credit Costs Shape the Banking Landscape

    As the financial world eagerly anticipates this week’s earnings reports from major banks, all eyes are on DBS and UOB, particularly regarding their net interest margins and credit costs tied to Hong Kong property exposure. Michael Makdad, a senior equity analyst at Morningstar, shared insights that shed light on what investors can expect.

    DBS Earnings Could Shine Amid Challenges

    Makdad remains optimistic about DBS, forecasting positive earnings that he believes will emerge without significant spikes in credit costs or major drops in net interest margins. However, one pivotal query lingers: will DBS face increased credit costs stemming from its Hong Kong property operations, a concern that has raised eyebrows, especially in comparison to HSBC and its subsidiary, Hang Seng Bank?

    “OCBC has thus far escaped these pressures, and DBS’ operations in Hong Kong have yielded impressive returns without encountering similar issues,” Makdad noted. “Yet, it’s prudent to keep an eye on this factor.” The analyst hinted that while DBS appears well-positioned, tracking these credit costs remains essential as the full impact of Hong Kong’s real estate market unfolds.

    UOB’s Hefty ASEAN Exposure Sparks Questions

    For UOB, the stakes are equally intriguing. Makdad is particularly interested in the impact of the declining Singapore Overnight Rate Average (SORA) on UOB’s net interest margins. With UOB having a more substantial footprint in some ASEAN countries compared to DBS and OCBC, he speculated, “It will be telling to see if economic slowdowns in regions like Thailand influence their overall performance.”

    As the week progresses, the financial sector waits with bated breath. Will the results reflect the resilience of these banks or expose vulnerabilities in a shifting economic landscape? One thing’s for sure: the market’s pulse beats in sync with these earnings disclosures.

    Questions & Answers

    What factors are influencing the upcoming earnings reports for DBS and UOB?
    Key variables include credit costs related to Hong Kong property exposure and the impact of declining net interest margins, particularly with the recent drop in SORA.

    What is the outlook for DBS’s earnings according to Michael Makdad?
    Makdad expresses optimism about DBS’s earnings, expecting them to be positive without significant credit cost flare-ups or drastic reductions in net interest margins.

    Why is UOB’s situation particularly noteworthy during this earnings season?
    UOB has greater exposure to ASEAN markets compared to its peers, raising questions about the potential impact of economic slowdowns in those regions, particularly in Thailand.

  • DBS Unveils Exclusive Deals and Rebates for Cardholders at 680+ Retail Outlets!

    DBS Unveils Exclusive Deals and Rebates for Cardholders at 680+ Retail Outlets!

    DBS Bank is stepping up its game in the competitive retail landscape of Asia by teaming up with prominent players like Cold Storage, CS Fresh, Giant, Guardian, and 7-Eleven, among others. This collaborative effort aims to deliver enticing spending privileges to its cardholders at over 680 retail outlets across the region.

    Exclusive Deals for DBS/POSB Cardholders

    As announced in a press release on July 1, 2025, DBS and POSB cardholders can look forward to a year-round array of exclusive deals and savings with these well-known brands. Holders of the DBS yuu card can benefit from cash rebates of up to 18%, while PAssion POSB debit cardholders will enjoy up to 9% in cash rebates, alongside enticing one-for-one deals.

    Delicious Discounts in July to September

    From July through September 2025, all DBS and POSB cardholders will enjoy a slew of special grocery promotions, including a chance to save up to S$12 at Cold Storage and S$6 at Giant, provided they meet the minimum spend requirement. Fridays just got a bit sweeter, too, with cardholders receiving S$6 off Guardian vouchers for return visits and an attractive 10% discount at 7-Eleven outlets. It’s almost like grocery shopping is becoming a sport—who doesn’t love a good discount sprint?

    Unique Weekly Promotions Await

    DBS has promised that cardholders will encounter unique weekly promotions across all participating outlets during this two-month period, adding an element of surprise to the shopping experience. Chan Sow Han, head of payments and platforms at DBS Singapore, emphasized that the bank’s extensive retail partnerships enable it to provide unmatched value. “This collaboration demonstrates our deep understanding of customer priorities and our commitment to addressing cost-of-living concerns through meaningful partnerships,” Chan stated, highlighting the bank’s proactive approach in these challenging economic times.

    Questions & Answers

    What types of benefits do DBS and POSB cardholders receive through this collaboration?
    Cardholders can enjoy exclusive savings, cash rebates of up to 18% for DBS yuu cardholders, and up to 9% for PAssion POSB debit cardholders, along with various promotional deals throughout the year.

    What are some specific promotions available to cardholders from July to September 2025?
    During this period, cardholders can save up to S$12 at Cold Storage, S$6 at Giant, as well as receive S$6 off Guardian vouchers and 10% discounts at 7-Eleven on Fridays.

    How does DBS Bank demonstrate its understanding of customer needs?
    By leveraging its partnerships with major retailers, DBS Bank aims to alleviate cost-of-living concerns for its customers, showcasing a commitment to deliver value through thoughtful promotional programs.

  • Hong Kong Dollar Peg Tests Another Round of Doubters

    Hong Kong Dollar Peg Tests Another Round of Doubters

    US-China decoupling, weak growth, and shrinking reserves have led to fresh doubts about the sustainability of the Hong Kong dollar peg. Will the city’s linked exchange rate system survive this round of doubters?

    Last week, Pershing Square Capital Management founder Bill Ackman announced that he was betting against the Hong Kong dollar and its US dollar peg, citing worsening US-China decoupling as a driver.

    We have a prominent notional short position against the Hong Kong dollar through the ownership of put options. The peg no longer makes sense for Hong Kong and it is only a matter of time before it breaks, Ackman said in a social media post.

    In light of the recent US/China decoupling of recent years, we find it surprising, almost embarrassing, for China to continue to peg the HK dollar to the US dollar, he added in another post that has since been deleted.

    Ackman is not alone in his doubts about the Hong Kong dollar peg. In one of his social media posts, who details concerns about Hong Kong’s shrinking foreign reserve as a reason for the peg to become untenable.

    Call me old fashioned but a government clearly in need of cash and a chunk of assets whose value has probably further fallen make it rather likely that the Exchange Fund’s assets have further to shrink — and that the reasons for that will put still further pressure on the peg, said Cookson.

    However unlikely de-peg may be, the payoff of upwards of 200:1 is comparable to CDS payoffs for the default of co’s like IBM over the same [6-month] horizon, tweeted hedge fund manager and Saba Capital Management founder Boaz Weinstein in support of Ackman’s trade, calling it a smart lottery ticket. Nothing is impossible, but only one of these is at all plausible.

    Since 1983, the Hong Kong dollar has been pegged to the greenback and successfully defended against multiple rounds of attacks. Notable investors against the peg include George Soros in 1998 and Hayman Capital Management founder Kyle Bass in 2020 during the height of political unrest in Hong Kong, in a strategy with 200 times leverage.

    Even for Ackman, this is not his first time wagering against the peg after betting in 2011 that the Hong Kong dollar would appreciate due to being materially undervalued.

    It’s nice to finally have others agreeing with our thesis. Rigid currency pairs harnessed to asynchronous economies are destined to fail, Bass said in report in response to Ackman’s latest bet. One bad day of deposit/currency outflows will likely bring unimaginable stress to the situation.

    Still, banks remain positive that the Hong Kong dollar peg will remain in the foreseeable future.

    Although maintaining a peg could at times bring short-term headwinds to growth, we believe it remains the optimal arrangement for Hong Kong in the longer term, according to a Morgan Stanley research note authored by economists Helen Lai, Jenny Zheng and Robin Xing, highlighting that the yuan was not yet fully convertible.

    Conditions are not favorable for selling Hong Kong dollar which will suffer negative carry, added DBS strategist Carie Li. The Hong Kong government also shows no intention to change the system.

    And as usual, local authorities continue to vehemently defend the exchange rate policy.

    If you bet against the Hong Kong dollar, you are bound to lose, said financial secretary Paul Chan in a speech at the city’s global banking summit earlier this month. You can verify my advice with certain hedge fund managers in the US who have been wrong about Hong Kong dollar time and again.

    Up until moments before a currency peg is lifted, the sovereign always asserts that they will never lift their peg. Peg defense 101, Ackman added.

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  • Deutsche Bank Raided Over Alleged Greenwashing

    Deutsche Bank Raided Over Alleged Greenwashing

    German prosecutors raided the offices of asset manager DWS and its controlling shareholder Deutsche Bank over allegations of greenwashing, according to media reports.

    Deutsche Bank and its around 80 percent-owned asset manager DWS were raided over allegations DWS misled investors about how green the investments marketed as green or greener really were, the reports said.

    The move may send shivers down the spine of investors globally as green investments, or investments marketed as using environmental, social and governance (ESG), indicators have surged in popularity. In early 2021, global ESG assets were projected to top US$53 trillion by 2025, or more than a third of the projected total of assets under management of US$140.5 trillion in that timeframe.

    The German authorities said they were responding to news reports and a whistle-blower’s allegations about DWS’ marketing tactics greenwashing its offerings, adding sufficient factual evidence has emerged» about how little ESG factors were allegedly used to determine investments.

    In a statement, DWS said it has fully cooperated with authorities in the matter and will continue to do so. DWS has previously denied the allegations.

    We understand a variety of actions are required to ensure a thorough and complete investigative process. We remain committed to working with any authorized bodies to clarify any and all queries they may have, DWS said.

    Deutsche Bank has previously said they would cooperate with authorities. Deutsche Bank said the raid was directed at «unknown people» in connection with the DWS allegations.

    DWS has stopped using the label ESG integrated, in a move that came after DWS’ former sustainability head, Desiree Fixler, alleged the label didn’t result in meaningful moves by fund managers. Fixler was fired last year, and lost her unfair dismissal case in Frankfurt in January.

    Both U.S. and German regulators had begun investigations in 2021 into allegations from Fixler over potential greenwashing, noting both U.S. and EU regulators are working to create rules to define greenwashing.

  • DBS Hit by Worst Outage in a Decade

    DBS Hit by Worst Outage in a Decade

    DBS faced two consecutive days of disruptions to its online banking services, marking the worst outage for the Singapore lender since its ATM glitch in 2010.

    DBS issued a social media post to address the recurring disruptions to its online banking services, including its payments app.

    Services were restored early this morning,» the bank said yesterday in a Facebook post. Unfortunately, yesterday’s digital banking issue has recurred and this has affected our services.

    The post attracted more than 2,500 comments, many of which expressed frustration about blocked access to banking accounts.

    Outages at DBS and its low-cost consumer banking unit POSB first occurred on Tuesday after reports first surfaced in the morning, according to Downdetector – a website that uses crowd-sourcing to track online outages. And just hours after resolving the issue yesterday morning, the outages continued at the bank.

    The inability to access an essential service over such an extended period of time is unacceptable and we deeply regret the inconvenience caused, DBS said in a separate social media post.

    This marks the worst outage experienced by the Singapore lender since 2010 when customers were unable to withdraw cash from ATMs for hours due to a major glitch which subsequently led to supervisory action by the city-state’s financial regulator.

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  • DBS May Face Regulatory Action Over Outage

    DBS May Face Regulatory Action Over Outage

    The Monetary Authority of Singapore said it will consider appropriate supervisory actions on DBS, which suffered recurring disruptions to its online banking services, including its payments app.

    This is a serious disruption and MAS expects DBS to conduct a thorough investigation to identify the root causes and implement the necessary remedial measures, Marcus Lim, MAS’ assistant managing director (banking and insurance), said in a statement.

    The regulator said the bank informed it about a problem with its access control servers that resulted in customers experiencing difficulties logging on to its digital banking services.

    Lim said MAS expects all financial institutions to have systems and processes to ensure the consistent availability of financial services to their customers.

    This week, DBS faced two consecutive days of disruptions to its online banking services, marking the worst outage for the Singapore lender since its ATM glitch in 2010.

    DBS Singapore country head Shee Tse Koon apologized for the outage in a video posted on the bank’s website and various social media pages on Wednesday afternoon.

    The bank also extended services at its branches for two hours and encouraged customers to use its phone banking services. In the meantime, I want to assure you that your deposits and monies are safe, Shee said.

  • DBS Exec to Lead Carbon Credits Exchange

    DBS Exec to Lead Carbon Credits Exchange

    He was most recently DBS’ group chief sustainability officer, responsible for developing the bank’s sustainability framework and driving sustainability initiatives.

    Climate Impact X (CIX) has announced the appointment of Mikkel Larsen as chief executive officer, effective immediately, according to an announcement on Wednesday.

    Larsen has been interim CEO of the platform, a joint venture between DBS Bank, Singapore Exchange (SGX), Standard Chartered, and Temasek, since May 2021.

    Before his nine years at DBS, Larsen spent over seven years at UBS, leaving as CFO of Asia-Pacific, and previously held roles at Citibank in London, and KPMG.

    In his new role, Larsen will oversee all day-to-day operations for CIX, including collaborating with its ecosystem of technology partners to build up its Project Marketplace and Exchange platforms as well as curating a pipeline of high-quality carbon credit projects to feature on its platforms. He will also drive the company’s culture, values, and behavior while building up a high-performing team passionate about catalyzing scalable sustainable solutions.

    The carbon market is going through a transition. We have a unique opportunity to establish a trusted market that can both help preserve the crucially important existing carbon sinks whilst developing new ones, Larsen said.

    CIX said it completed a pilot auction in October of a curated portfolio of high-quality carbon credits, where it successfully cleared 170,000 tonnes of carbon credits from eight recognized NCS projects spanning across Africa, Asia, and Latin America.

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  • DBS Exec to Lead Carbon Credits Exchange

    DBS Exec to Lead Carbon Credits Exchange

    He was most recently DBS’ group chief sustainability officer, responsible for developing the bank’s sustainability framework and driving sustainability initiatives.

    Climate Impact X (CIX) has announced the appointment of Mikkel Larsen as chief executive officer, effective immediately, according to an announcement on Wednesday.

    Larsen has been interim CEO of the platform, a joint venture between DBS Bank, Singapore Exchange (SGX), Standard Chartered, and Temasek, since May 2021.

    Before his nine years at DBS, Larsen spent over seven years at UBS, leaving as CFO of Asia-Pacific, and previously held roles at Citibank in London, and KPMG.

    In his new role, Larsen will oversee all day-to-day operations for CIX, including collaborating with its ecosystem of technology partners to build up its Project Marketplace and Exchange platforms as well as curating a pipeline of high-quality carbon credit projects to feature on its platforms. He will also drive the company’s culture, values, and behavior while building up a high-performing team passionate about catalyzing scalable sustainable solutions.

    The carbon market is going through a transition. We have a unique opportunity to establish a trusted market that can both help preserve the crucially important existing carbon sinks whilst developing new ones, Larsen said in the announcement.

    CIX said it completed a pilot auction in October of a curated portfolio of high-quality carbon credits, where it successfully cleared 170,000 tonnes of carbon credits from eight recognized NCS projects spanning across Africa, Asia, and Latin America.

  • Trading Volume Surges on DBS Digital Exchange

    Trading Volume Surges on DBS Digital Exchange

    A shift to round-the-clock trading in August has seen trading volumes in the two months surpassing the total trading volume of the first eight months of the year by 40 percent.

    DBS has reported strong growth in its digital asset ecosystem, anchored by DDEx, or the DBS Digital Exchange, which now has over S$600 million in digital assets under custody as of end-October, triple the amount recorded in the previous month, according to the bank.

    The bank also said it is seeing a growing number of corporate and institutional customers among its participants, with other banks, a central bank and other digital asset exchanges among the 500 participants on the exchange.

    Becoming a participant of DDEx opens many gateways for our customers to access the burgeoning cryptocurrency and digital asset economy, Eng-Kwok Seat Moey, group head of capital markets and DDEx chair, said in a statement on Thursday.

    DDEx was launched in December 2020 with an initial offering that covered cryptocurrency trading. It has since issued a  bond through a security token offering (STO) on the exchange, and plans to list at least half a dozen security tokens by end-2022. The bank also launched a crypto trust offering that combined wealth planning services with emerging digital currencies, and its brokerage arm received formal approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services.

    At the presentation of its third-quarter results last week, the bank’s chief executive Piyush Gupta said it is planning to open the crypto exchange to the broader retail market in 2022.

    DBS previously said it expects to double the number of participants on DDEx to 1,000 and to grow its base by 20-30 percent annually for the next three years, as investments in digital tokens gain greater acceptance.

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  • Lower Allowances Fuel DBS Profit Growth

    Lower Allowances Fuel DBS Profit Growth

    An improved credit environment coupled with lower allowances enabled DBS to post a surge in third quarter profits.

    DBS registered a 31 percent year-on-year increase in net profit to S$1.7 billion ($1.26 billion) for the third quarter, according to its latest results.

    Not unlike its peers, this was driven primarily by a significant improvement in allowances for credit and other losses – minus S$70 million compared to S$554 million booked in the same period last year.

    Excluding the allowances, the bank posted S$1.893 billion in profits, a 7 percent year-on-year decrease.

    Although DBS saw loans grow 2 percent and fee income reach the second-highest level on record, a 10 percent drop in other non-interest income led total income to stay flat (minus 1 percent) at S$3.561 billion.

    Expenses also climbed 8 percent higher to S$1.668 billion.

    Although the DBS’ profits were in part affected by lower net interest income, the bank expects a change in the rates environment to support upcoming improvements to the bottom line.

    A progressive normalization of interest rates in the coming quarters will be beneficial to earnings, said DBS chief executive Piyush Gupta.

    Asset quality continues to be resilient and total allowances are likely to remain low. These positives will offset expected cost pressures as the economic recovery takes hold.

  • DBS to Ramp Up Intelligent Banking Capabilities

    DBS to Ramp Up Intelligent Banking Capabilities

    The bank is setting aside more funds to bolster infrastructure, talent and technology to deliver hyper-personalized experiences to better serve wealthy and retail customers.

    DBS Bank aims to boost hyper-personalized experiences across its digital and physical touchpoints and will be investing S$300 million ($222 million) over the next year to boost its digital and intelligent banking capabilities.

    This investment represents a 14 percent year-on-year increase, and will go towards enhancing tech infrastructure and talent, embedding predictive technology in more financial solutions to better empower self-directed customers, and scaling the bank’s capabilities across both online and offline touchpoints across the region, DBS announced on Tuesday.

    According to the bank, its Intelligent Banking engine combines predictive analytics, artificial intelligence and machine learning technologies to transform raw data into personalized insights and nudges for every customer.

    This predictive technology is currently used in its «Client Connect» frontline advisory tool, and to generate smart insights and nudges for retail and wealth customers on its digibank platform. DBS said it plans to scale the use of Intelligent Banking across other key markets and extend it to the its PayLah! app.

    It’s still early days, but we are confident in the value-add that Intelligent Banking can bring to the banking industry, and we are in this for the long haul, Sim S. Lim, group head of consumer banking and wealth management, said.

  • DBS Appoints Chief Risk Officer

    DBS Appoints Chief Risk Officer

    A career DBS banker has been named chief risk officer for the Singapore lender, replacing Tan Teck Long.

    Soh Kian Tiong has been named chief risk officer (CRO), according to a statement, reporting to DBS chief executive Piyush Gupta.

    In addition, Soh will also be accountable to the board risk management committee as well as join as a member of the group management committee and group executive committee.

    Soh replaces ex-CRO Tan Teck Long who will be leaving the bank to take on a client-facing role elsewhere.

    Soh has over 25 years of experience, having first joined DBS as a trainee officer in its corporate banking unit in 1995. Since then, he held various senior roles, most recently as a senior risk executive for DBS Hong Kong, Greater China chief credit officer, management committee member of DBS (Hong Kong), and Hong Kong risk executive committee chairman.

    Under Tan’s leadership, DBS has further enhanced our credit underwriting capabilities, multi-year credit architecture program, and strengthened our attention on ESG risks, financial crime risk, and cyber security and data protection. While he will be sorely missed, we respect his desire to return to a customer-facing role,» Gupta said.

    Soh’ appointment is testament to our ability to groom leaders from within. Over the span of his longstanding DBS career, he has been rotated across markets, and embraced a mix of business and risk roles. I am confident that he will bring this experience to bear meaningfully in his new role.

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