Tag: DBS

Hong Kong – DBS Bank (Hong Kong) Limited (DBS Hong Kong) has introduced ‘DBS Culinary Delights,’ a new marketing and customer engagement initiative designed to offer exclusive, curated dining experiences for its wealth clients.

DBS Culinary Delights celebrates the art of gastronomy, offering DBS’ wealth clients exclusive access to Hong Kong’s finest culinary experiences in a city renowned as a gourmet paradise for both locals and tourists.

For this initiative, DBS enlisted acclaimed Chef Edward Lee, renowned for his appearance on Culinary Class War and his innovative fusion of Asian and Western cuisines. A recipient of numerous accolades from prestigious culinary organisations, Chef Lee will debut ‘DBS Culinary Delights,’ bringing his signature creativity to the exclusive dining experience.

In collaboration with DBS and Tatler, Chef Lee will visit Hong Kong in March for the inaugural DBS Culinary Delights event, ARTable, which blends gastronomy with artistic expression. The event aims to offer a unique dining experience that reflects Chef Lee’s innovative approach to cuisine.

Sebastian Paredes, head of North Asia and chief executive officer at DBS Bank (Hong Kong) Limited, said, “DBS has grown substantially in the wealth management space over the years. As a customer-centric and relationship-focused bank, we focus on delighting our customers by creating the best-in-class customer journeys and giving them an experience beyond banking.”

“We look forward to connecting with our clients meaningfully, and this unprecedented collaboration shall deliver fresh and exceptional dining experiences for our esteemed clientele – aligning with the global trend – eating well, eating differently while indulging in culinary art,” Paredes added.

The launch of Culinary Delights reflects DBS’s focus on evolving customer trends. With wealth clients becoming more selective and aspirational, the bank aims to offer more personalised experiences and tailored services.

Singapore – Singaporean bank DBS/POSB has released its new limited-edition home scent in time for the Lunar New Year, capturing the fragrance of mandarin oranges, a symbol of prosperity.

The ‘ABUNDANCE Home Scent, made in collaboration with The Secret Little Agency (TSLA), blends fresh and warm notes reminiscent of the festivities’ spirit, reflecting the tradition of sharing good fortune with the scent of mandarin oranges.

To create the scent, TSLA worked with perfume laboratory Oo La Lab to bottle the scent of abundance.

Promoting gift-giving during the Lunar New Year, DBS/POSB is giving away bottles of the home scent to customers who share a minimum of $8 with their loved ones using eGift or QR Ang Bao via PayLah!

Customers can redeem a free ‘ABUNDANCE Home Scent’ at DBS/POSB’s activations at Our Tampines Hub and Gardens by the Bay.

“Last year we bottled the scent of ‘huat’; this year we’ve evolved to capture the sweet smell of ABUNDANCE, a home scent that evokes warmth and overflowing prosperity into our homes to add a fun, unique sensory experience to our annual traditions,” Nicholas Ye and Mavis Neo, co-chief creative officers at TSLA, said.

“We wanted to bottle the festive spirit that Lunar New Year is known for, with a scent that wafts through our homes and corridors of our neighbourhoods reminiscent of the good fortune and prosperity the season brings,” Ye and Neo added.

“Following the success of last year’s HUAT Eau De Parfum fragrance, which we created to complement our QR Ang Bao gifting experience, we are excited to gift ‘ABUNDANCE’ to our customers this year in the form of a home scent. This initiative is part of our broader efforts to promote digital gifting, which also includes enhancing our eGift solution to allow for greater personalisation and launching our ‘$8,888 Abundance’ giveaway,” Lim Bee Bee, head of marketing, consumer banking group at DBS Singapore, commented.

Singapore – Banking giant DBS has announced its foray into cryptocurrency, offering over-the-counter cryptocurrency options trading and structured notes for eligible institutional investors and accredited wealth clients.

This makes the Singapore-based bank the first Asian-headquartered bank to offer financial products whose value is linked to the price of Bitcoin and Ethereum – the two largest cryptocurrencies by market capitalisation.

From Q4 2024 onwards, eligible clients seeking to build exposure to the asset class may do so through options trading and structured notes. Depending on the product’s structure and cryptocurrency price movements, clients may earn yield on fiat or take delivery of the underlying cryptocurrency.

Moreover, eligible clients custodising Bitcoin and Ethereum with DBS may also hedge their positions against market volatility and potentially earn yield through various options structures. 

For instance, a client seeking to manage the inherent volatility of Bitcoin may buy a put option, which gives the client the right to sell Bitcoin at a fixed price at a future date, even if Bitcoin prices fall below the fixed price by that future date.

Jacky Tai, group head of trading and structuring of global financial markets at DBS, said, “Professional investors are increasingly allocating to digital assets in their portfolios. Underpinned by DBS’ strong credit ratings and longstanding expertise in structuring solutions, these financial products are an expansion of the bank’s value proposition to provide clients trusted institutional-grade access to the digital asset ecosystem. 

She added, “Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios.”

Currently, clients build their digital asset portfolios with DBS by trading cryptocurrencies and security tokens via DBS Digital Exchange (DDEx). Said digital exchange recently reported that the value of digital assets traded on the exchange nearly tripled in Singapore dollar terms as compared to the same time in 2023. 

Hong Kong – DBS in Hong Kong has announced the launch of its new ‘Trust Your Spark’ brand campaign, which aims to inspire people to believe in themselves and make their dreams a reality. The campaign conveys the message that there is a spark within each person that allows them to live more fully when they trust in themselves and lean into their potential.

The campaign will be brought to life through a variety of initiatives, including an AI Photo Generator tour popping up around Hong Kong over the next two weeks. This mobile photo experience uses Gen-AI to create personalised photo previews of participants living their dreams, whether as a musician, athlete, artist or any aspiration. 

By visualising their future self, DBS hopes to ignite inner sparks, especially for youth, and motivate people to pursue their passions. 

Participants can also redeem a portable fan on-site while supplies last. They will also receive a printed photo preview of their future dreamed self, which they can share on social media. By uploading their personalised dream photo to Facebook or Instagram with #TrustYourSpark, people will be entered into a lucky draw for the chance to win prizes to help make their next dream come true.

Amy Wu, executive director of group strategic marketing and communications at DBS Bank (Hong Kong) Limited, said, “At DBS, we believe there is an inner spark waiting to be unleashed so people can live a more rich and meaningful life. Our ‘Trust Your Spark’ campaign aims to inspire that belief through real-life stories of DBS customers, employees, and partners who found courage to do more because they believed in themselves and trusted that DBS had their backs.” 

Singapore – The Monetary Authority of Singapore (MAS) has imposed a six-month pause of DBS Banks’ non-essential services in order to allow the bank to focus more on the essential service of restoring its system resilience, following a slew of prolonged outages and disruptions in the bank’s systems.

Suspended non-essential services include acquiring new business ventures during this period or reducing the size of its branch and ATM networks in Singapore.

The imposed pause was the result of when MAS directed DBS to conduct a third-party independent review of the bank’s systems back in April this year. Through the review, they identified several shortcomings on the bank’s systems which included system resilience, incident management, change management, and technology risk governance and oversight.

Following the independent review, DBS Bank has set out a technology resiliency roadmap to address the shortcomings, improve system resilience, and better position the bank to meet future digital banking needs. The roadmap is being implemented in phases, with the changes affecting its system architecture design taking more time to complete.

Moreover, MAS will review the progress made by DBS Bank on its remediation efforts at the end of six months. MAS may extend the duration of the measures, vary the additional capital requirement currently imposed, or take further actions at that point.

Ho Hern Shin, deputy managing director for financial supervision at MAS, said, “DBS must put in place immediate measures to ensure service reliability while it continues to invest in the longer-term efforts to bolster its operational resilience. We have imposed this six-month pause on the bank to give it the space to take the actions needed to maintain customer trust.”

Following the said statement, DBS has issued an official apology related to its series of digital disruptions, while promising that a roadmap that includes measures to strengthen technology governance, people/leadership, systems and processes is now rolling.

DBS Chairman Peter Seah said, “The Board apologises for the digital banking disruptions. When customers bank with us, they expect to be able to access our banking services conveniently, and at any time of the day. With the incidents of the past year, we have failed to live up to these expectations, and have also fallen short of our own standards. As an acknowledgement that the bank could have done better, senior management will be held accountable, and this will be reflected in their compensation.”

He added, “Over the past few months, the bank has been making every effort possible to strengthen our resiliency and business continuity, and to be able to recover more quickly when incidents happen. This is a work in progress, and we seek customers’ patience as we work through our remedial actions.”

Singapore – Despite repeated outage and service disruption experienced by customers of DBS, the Singaporean multinational bank has its brand health register much higher than of rival banks in the region, according to a recent report from YouGov.

Latest data from YouGov BrandIndex shows that Buzz scores for DBS, which measures whether consumers have heard more positive or negative things about a brand in the past two weeks, plunged 18 points after the recent outage, from 23.8 on October 14 to 5.8 by October 16.

However, DBS’ net scores for Impression, which track the general impression consumers have towards a brand; and Satisfaction, which track whether a brand’s customers are mostly satisfied or dissatisfied with it, did not see a drastic slump.

Consumer impression of DBS – which had grown significantly from 36.4 on September 23 to 51.3 on October 14 – saw a clear drop immediately after the recent outage. But by October 23, it returned to largely similar levels as a month ago.

Notably, there was likewise no significant decline in the percentage of consumers who would consider banking with DBS, over the week following the outage. DBS’ Consideration scores (which track the percentage of Singapore residents who would consider engaging the brand when they are next in the market for financial services) dipped just 2.8 points from 40.1 on October 14 to 37.3 by October 23.

Lastly, DBS’ Index score, referring to an overall measure of brand health calculated as an average of Impression, Quality, Value, Reputation, Satisfaction, Recommendation scores) of 35.8 on October 23 remains markedly higher than its major local rivals OCBC (18.5) and UOB (20.1), as well as digital competitor Trust Bank (20.5), which is backed by Singapore’s sole national trade union centre.

Singapore – In its continued quest to honour the rich and diverse food hawker culture in Singapore, DBS has relaunched its ‘DBS PayLah! Hawker Awards’, which aims to encourage Singaporeans to support their hawkers in this challenging time, by reminding them of all the love that hawkers show us—from verbal affirmations (hello sayang) to actual physical gifts (of extra rice and curry).

The campaign, done alongside The Secret Little Agency (TSLA), the focus of the awards will not be on the food but instead the people behind the delicious hawker fare we enjoy. While most food hawkers would rather not raise prices or reduce their portions, the realities of rising inflation, rental costs and an increasingly volatile market, leave them with little choice, with them being sandwiched between higher cost and unhappy customers. 

Speaking about the campaign, Lim Bee Bee, executive director and head of marketing for consumer banking group at DBS Singapore, said that the hawker culture has been an intrinsic part of the way of life for Singaporeans and Singapore residents, whether in good and tough times. For them, the dedication that our hawkers put in their food have brought people together.

“We thought there is no better way for everyone to bond and share our love for food than through this public voting in the Hawker Awards, which is already in its third-year running. At the same time, we can also spotlight the many hidden gems and interesting hawkers of all ages and backgrounds in our community to show how the hawker trade has evolved with the times to cater to the tastes of different generations of Singaporeans,” she said.

Bee Bee also added, “At DBS, we have been championing and celebrating our hawker culture. Through our 5 Million Hawker Meals subsidy programme and Adopt-a-Hawker Centre initiative, we really hope to get everyone to go to our hawker centres and keep our hawker centres bustling.”

In order to get this message across and reach the hearts of Singaporeans, the campaign ‘Hawker Nation’ hijacks the media landscape of August 2023, giving hawkers the ‘Presidential’ treatment they deserve. 

This is followed by out-of-home buys, which feature past winners paired with statements reflective of relatable everyday experiences and interactions with the hawkers. 

A spokesperson for The Secret Little Agency said, “We decided on this unorthodox strategy in order to really capture the attention of the public. Our hawkers serve us – quite literally – and they’ve represented Singapore on the world stage. They may not qualify to run for office, but they are every bit as important as the people who do. Because let’s be real – our nation would fall apart in no time without their hawker fare. Our hawkers rally Singaporeans from all walks of life, so we created a very different kind of election to ensure DBS’s place at the forefront of this cultural conversation.”

They added, “Marketing metrics aside, the real intangible measure of success would be for Singaporeans to recognise and sayang (show love in Malay) their hawkers. It’s no easy task being a hawker in this climate, and they deserve to be celebrated just as much as we need that warming fish soup on a cold rainy day.”

Taipei, Taiwan – Singaporean bank DBS has announced that it has completed the acquisition of the consumer banking business of Citi in Taiwan. The acquisition was completed over the weekend, according to the company.

With the acquisition of Citi Consumer Taiwan, DBS will become one of Taiwan’s largest foreign bank by assets. DBS Taiwan will have clear market leadership in loans, deposits, cards and investments amongst foreign players in the market. Additionally, close to 3,000 employees from Citi Consumer Taiwan have moved over to DBS.

Speaking about the acquisition, Piyush Gupta, CEO of DBS, said, “Our successful integration of Citi Consumer Taiwan with DBS continues our strategy of building meaningful scale in our core Asian markets. By bringing a prized Citi franchise into our fold, we accelerate our consumer business growth in Taiwan by at least 10 years. Overnight, revenue from the market will more than double to over SGD 1.3 billion.”

He added, “With the transaction, I am also confident that we will be able to provide more value to our customers, in particular, helping them grow their wealth through innovative products, and helping those who are business owners expand into new markets or participate in regional trade flows.”

Meanwhile, Ng Sier Han, CEO of DBS Taiwan, commented, “I am delighted to welcome our new Citi colleagues to the DBS family. Since we announced the transaction back in 2022, we have been working towards a seamless transition of the two businesses. Today marks a momentous milestone for DBS Taiwan, made doubly significant as we celebrate our 40th anniversary in the market.”

He added, “Over the years, DBS Taiwan has made significant strides with new innovations in digital banking and more recently, advancements in sustainability. Our enlarged franchise affords us greater opportunity to continue availing best-in-class products and services to our customers as we set ourselves apart as a different kind of bank – one that enables them to Live more, Bank less.”

The slew of acquisitions in Asia-Pacific also includes UnionBank acquiring the Philippine operations of Citi’s consumer banking business in 2021. This comes over two years after Citigroup announced that it is exiting its consumer businesses in 10 Asia-Pacific markets.

Hong Kong – Consumer bank DBS in Hong Kong and non-profit organisation GS1 Hong Kong have joined hands to further enhance their innovative SME trade financing solution with the Hong Kong Monetary Authority (HKMA) Commercial Data Interchange (CDI) platform. 

The move is part of DBS Hong Kong’s commitment to providing enterprises with tailored, efficient financing services while also supporting the fintech ecosystem development led by the HKMA in Hong Kong.

DBS Hong Kong said that it plans to leverage CDI’s platform capabilities to further enhance its recently launched trade financing solution and accelerate its ecosystem strategy in Hong Kong.

Alex Cheung, managing director and head of Institutional Banking Group of DBS Hong Kong, said that the latest trade financing solution enhancement demonstrates the bank’s strong commitment to developing Hong Kong’s fintech ecosystem. 

“As a leader in SME banking, DBS is proud to be a part of HKMA’s CDI platform. Since launching our innovative digital trade finance solution with GS1 Hong Kong earlier this year, we have successfully provided SMEs with enhanced and simplified access to working capital. DBS Hong Kong is proud to be an early adopter of CDI and we look forward to working on additional use cases that leverage the platform and find new ways to increase access to funding for SMEs,” added Cheung.

In June 2022, DBS Hong Kong and GS1 Hong Kong launched a digital post-shipment trade financing solution powered by alternative data. The solution enables SMEs on GS1 Hong Kong’s ezTRADE platform to utilise their trade data to access trade financing in a digital and straight-through manner.

With the new solution, SMEs can access much-needed working capital with just one click via the bank’s corporate banking platform, DBS IDEAL. This means that SMEs no longer need to manually submit hundreds of invoices and supporting documents, reducing time and effort through the adoption of a more digital and sustainable way of doing business and seeking financing. 

Moreover, the solution redefines the trade financing journey for SMEs with DBS availing financing through a streamlined credit assessment process. Through DBS’ predictive analytics capabilities, invoice data is used to assess the financial health of SMEs, with the amount of financing available to SMEs updated on a dynamic and recurring basis.

Anna Lin, chief executive of GS1 Hong Kong, shared that the collaboration between GS1 Hong Kong and DBS Hong Kong on digital trade financing has borne fruit to many SMEs enjoying trade financing in a much simpler and digitised manner already. 

“With the CDI, I look forward to unleashing the full potential of more alternative data, enhancing SMEs’ access to financial services and nurturing the trade financing ecosystem in Hong Kong,” said Lin.

Meanwhile, Sandy Tan, head of ecosystems for Institutional Banking Group at DBS Bank Hong Kong, noted that their digital solution has redefined the trade financing journey for SMEs on GS1 HK’s ezTRADE platform, and via their collaboration, they have enabled a digital ‘one click’ transaction experience and greatly reduced the time and effort needed to acquire working capital.

“DBS Hong Kong is committed to taking an active role in further developing and growing Hong Kong’s robust fintech ecosystem. Building on the launch of CDI’s capabilities, we expect to bring our solution to the next level in customer experience while providing more offerings to support the business growth of the SME community,” said Tan.

Jakarta, Indonesia – Banking and financial services company DBS has announced the appointment of Lim Chu Chong as the new president director of DBS Indonesia. The appointment takes effect immediately, succeeding Paulus Sutisna.

Chong, who was previously the chief operating officer of the Institutional Banking Group (IBG) by DBS, will be part of DBS’ Group Management Committee as well. 

He has over 25 years of experience in institutional, SME and consumer banking, and previously served in DBS Indonesia as commissioner. During his role at IBG, he has led key business transformations, including a new customer experience office to enhance customer engagement, as well as setting up an employee experience office to improve employee experience and drive productivity.

Speaking on Chong’s appointment, Piyush Gupta, CEO at DBS, said, “Indonesia is a key market for DBS, and under Paulus’ leadership, our business has not only grown but become more diversified, with good balance across the consumer/ wealth and institutional banking segments.” 

He added, “In recent years, he has also brought our strong digital capabilities to bear in the market, enabling us to deliver seamless banking to clients. As a career DBS banker with deep business and market experience, I am confident that Chu Chong will build on our strengths in Indonesia and take the business to the next level.”

Meanwhile, Sutisna will be appointed as non-independent commissioner of DBS Indonesia in due course.