DBS Bank wins the “World’s Best Digital Bank” award once again. Since 2008, the internationally renowned Singapore digital bank has been looking for cutting-edge digital solutions to simplify customers’ financial activities.
DBS, which has its main office in Singapore, is the first bank to win both awards and was also awarded the Best Bank in the World. DBS has demonstrated the exceptional talent of not only surviving a crisis but also using it as an opportunity to innovate and boost operational effectiveness.
The difference between digitizing a bank’s internal activities and turning it into a completely digital financial institution is a topic of discussion among specialists in digital banking today. DBS made 2021 a standout year through several important acquisitions, dedication to sustainability, and improvements in its use of the latest technology.
As a top digital bank and a market leader in Singapore, DBS is famous for putting into practice numerous groundbreaking projects. The following are a few notable examples:
1. DBS Digibank
DBS saw and fully embraced the chance to be a digital bank because it serves some of the world’s most rapidly expanding mobile markets. As a digital bank, DBS works hard to simplify banking for the younger generation. The Singapore-based bank adopted a three-pronged approach to do this while encouraging expansion and making sure that scaling was simple.
DBS envisioned a bank with no brick-and-mortar branches, offering all the services of a regular bank, and ensuring smooth, paper-free transactions at every stage via a mobile-only bank. The outcome is a Digibank that provides secure, practical, and simple banking.
To boost its services and add new features to ensure excellent convenience and security, DBS had to create a versatile, scalable, and flexible platform.
2. DBS Digital Exchange
DBS Digital Exchange offers trading services for a variety of digital assets, including cryptocurrency and security tokens. DBS, a major player in the Asian financial services industry with years of experience in the capital markets, provides secure custodial services.
It appears that digital assets are the foundation of the next phase of the digital economy. Authorised and accredited investors will now have access to a completely integrated environment for the tokenization, which is control, and selling of digital assets thanks to the introduction of DBS Digital Exchange. DBS provides a fundraising ecosystem using secondary trading of digital assets like cryptocurrencies and security tokens.
To efficiently create funding, SMEs and major enterprises can digitalize their securities and assets on the Security Token system using DBS Digital Exchange. It provides these organizations with additional avenues for funding and the issuance of organized financial products for commercial use.
3. Reliable banking
DBS provides products and services through reliable banking methods like:
Honest dealing
Financial planning is critical to a company’s ability to meet its organizational objectives. It comprises creating objectives, standards, spending plans, timetables, and procedures for the business’s financial operations. DBS includes pertinent information, helpful recommendations, and professional advice to assist with financial planning within the context of its digital banking services.
Financial Responsibility
For the sake of maintaining our ecosystem and natural resources, a sustainable future must be created. Financial institutions identify environmental, social, and governance (ESG) factors related to responsible finance, along with the dangers and opportunities they may bring.
Financial Inclusion
Regardless of their financial disadvantage, DBS offers financial services to both individuals and enterprises through appropriate solutions, including those that support and work towards the Sustainable Development Goals (SDGs). DBS provides Singaporeans with affordable, subsidized banking services.
Cyber Security
DBS protects its clients’ confidential information and assets with the Group Information Security Policy and Cyber Security Risk Management Framework.
4. Benefits Besides Banking
DBS supports social entrepreneurs who strive to better society by:
The DBS Foundation
Through its unique DBS Foundation, Singapore’s leading digital bank offers specialized support to forward-thinking social enterprises for societal impact. The DBS Foundation promises to help social entrepreneurs all around Asia with grants and a variety of additional initiatives like skill-building seminars, mentoring, business opportunities, and customized programs.
Zero Food Waste
DBS started the Zero Food Waste (ZFW) program in 2020 to eradicate food waste and build a world in which food is safe. This program is consistent with having a positive social impact, using responsible banking, and conducting ethical business.
Contribute to Food
DBS is known for helping people and organizations by contributing to those in need and supporting initiatives. Through DBS’s Digibank, iWealth, or net banking services, or by using a bank account, you can send donations.
DBS has established itself as the best bank in the world because of all these distinctive activities outside of banking and general banking. Digital is a means for DBS to expand by being creative and long-lasting.
