Tag: DBS

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.

Hong Kong – Consumer bank DBS in Hong Kong has launched a new regional brand campaign called ‘Be a Different Kind of Bank’, which makes clear that the bank is more like a startup, as well as more techie and eco-warrior, and less like a traditional bank. 

The campaign signals DBS’ belief that a different kind of bank is needed in a post-pandemic world. It also highlights the bank’s commitment to intensifying efforts going forward to become even more like a forward-looking tech company offering financial services and less like a conventional bank. Moreover, it will continue to up the ante on addressing sustainability issues and devoting itself to being a purpose-driven bank.

Moreover, the campaign encapsulates several aspects of how DBS embodies being a different kind of bank, which include inculcating a startup culture, where a spirit of innovation and entrepreneurship will continue to flourish, and committing to continuous innovation, where the bank seeks to ensure that banking is simple, fast and effortless, increasingly personalised, and seamlessly woven into everyday life.

Another aspect is advancing the sustainability agenda, where the bank will be supporting social enterprises and prioritising action on climate change, powering philanthropic and relief efforts.

Karen Ngui, DBS’ group head of strategic marketing and communications and DBS Foundation’s board member, shared that with COVID-19 upending economies and societies, now more than ever, they must be able to anticipate and lead change so their customers and the community at large can ‘Live more, Live better, and Bank less’. 

“By behaving more like a startup, more like a techie, more like an eco-warrior, and less like a ‘traditional’ bank, we believe we can be a bank for the times – a different kind of bank for a post-Covid world,” said Ngui. 

Aside from Hong Kong, the regional brand campaign will also be rolled out in Singapore, Mainland China, India, Indonesia, and Taiwan over the next two months.

Singapore – Consumer bank DBS has expanded its partnership with global small business platform Xero to simplify the loan application process and increase access to working capital for SMEs in Singapore and Hong Kong.

The expanded partnership will see both companies availing Xero customers of the option to share their transactional records from Xero’s platform with DBS, and by doing so, customers will be able to present a more holistic picture of their cash flow which in turn enables the bank to offer SMEs hyper-personalised credit terms and working capital limits tailored to their needs.

DBS and Xero began their partnership in 2017 with a bank feed integration to give SMEs greater visibility and control over their finances with automatic bank updates. Xero is also a key partner of the bank’s DBS Start Digital Package, which is designed to help SMEs kickstart their digital transformation journey.

Joyce Tee, DBS’ group head of SME banking, noted that their regular engagement with SMEs has consistently shown that cash flow needs continue to be top of mind for their clients, even as business owners seek new growth opportunities.

“We will continue to integrate our touchpoints seamlessly into the customer journey, so as to offer our SMEs more intelligent and intuitive lending solutions. DBS has been sharpening our digital lending capabilities by leveraging ecosystem partnerships and advanced data analytics to roll out solutions that are hyper-personalised to each business’ needs. DBS is pleased to take our long-standing partnership with Xero to the next level as we double down on our commitment to helping SMEs accelerate their growth,” said Tee.

Meanwhile, Joseph Lyons, Xero’s managing director for Australia and Asia, shared that digital tools and solutions have been a significant driver in empowering SMEs to become more resilient and competitive, but working capital is the lifeblood of small businesses everywhere.

“With DBS – our first banking partner in Singapore to offer API integrated bank feeds – we are excited to extend new offerings to our shared customers through SME financing. We look forward to continuing our work to further support SMEs with their financing needs, particularly in ensuring small businesses have the support they need to thrive,” said Lyons.

Bangladesh – Bangladesh-based private commercial bank BRAC Bank has partnered with Singapore’s consumer bank DBS, aimed at allowing Bangladeshi migrants working in Singapore to easily transfer their hard-earned income to their families back home, with minimal fees and in real-time using DBS Remit, a remittance service integrated within the digital banking platform, DBS digibank. 

The new partnership will enable DBS and POSB customers in Singapore to remit funds to any of BRAC Bank’s 187 branches and more than 700 agent banking outlets across Bangladesh. Furthermore, customers can credit their remittances via DBS Remit to any bank account in Bangladesh. By the end of 2022, customers will also be able to use DBS Remit to transfer funds to Bangladesh’s mobile wallet bKash, a subsidiary of BRAC Bank.

For remittances to Bangladesh, DBS Remit has no service fee charges, provides guaranteed exchange rates, as well as real-time automated deposits to any bank account there. BRAC Bank’s extensive network also allows recipients in Bangladesh to easily collect funds in cash if they prefer. For remittances deposited to a BRAC Bank account, BRAC Bank customers can use the bank’s app, Astha, to pay for utilities, insurance and loan installations, credit card and phone bills, as well as transfer funds to any bank account or mobile wallet in Bangladesh. They can also withdraw their cash at any ATM around the nation.

Rhidoi Krishnakumar, the regional head of DBS Remit, commented that they are very pleased to partner with BRAC Bank, one of the most innovative financial institutions in Bangladesh, to enhance their DBS Remit capabilities and provide more accessible, affordable and secure remittances for their customers. 

“We also look forward to enabling remittances to bKash wallet by the end of this year so customers can remit to even more touchpoints across Bangladesh,” said Krishnakumar.

Meanwhile, Selim R.F. Hussain, BRAC Bank’s managing director and CEO, shared that inward foreign remittance is one of the backbones of the economy, and they are always working hard to facilitate its continuous growth. 

“We joined hands with DBS Bank, the leading digital bank in the world because they, like us, offer their customers the best service experience, backed by the most advanced technologies,” said Hussain.

Singapore – Singapore’s consumer bank DBS has launched its new complimentary cybersecurity training programme to help protect 280,000 SMEs in Singapore against the growing threat of cybercrime.

The programme, ‘DBS #CyberWellness’, comprises 10 online modules, each covering a different facet of cybersecurity, such as password protection, phishing, digital scams, and physical security, as well as social media security. These modules can be accessed on the go digitally through an e-learning platform, with all 10 modules taking no more than 120 minutes to complete. At the end of the programme, SMEs will be presented with recommendations for suitable cyber insurance and cybersecurity solutions. This enables SMEs to take immediate steps to protect their businesses from potential cyberattacks.

Following the launch of the new initiative, DBS has also appointed telco StarHub as its new programme partner for DBS #CyberWellness. StarHub will be providing participating SMEs with a complimentary two-month trial of their hardware-free, plug-and-play cybersecurity solution called ‘Secure Access Service Edge (SASE) for SME’, which enables SMEs to gain a business-wide defence against cyber threats.

Joyce Tee, the group head of SME Banking at DBS, believes that they can make the biggest impact by equipping the employees of SMEs with foundational cybersecurity skills, which become ingrained everyday habits as they put their skills to practice.

“We’re especially proud that DBS #CyberWellness was developed entirely in-house in partnership with our technology teams. This speaks to our commitment to come together as one Team DBS to help our SMEs, social enterprises, and even charities digitalise their operations safely,” said Tee

Meanwhile, Charlie Chan, StarHub’s chief of enterprise business group, shared that they are partnering with DBS to help SMEs and their employees stay safe online, and with the partnership, they have combined critical and free training with defensive tools that are easy to use. 

“There is no better time than now for SMEs to say ‘no’ to being an easy target, both for the business as well as their employees. We are in it for the long haul, to be a trusted partner for our customers in their digital and cybersecurity journey,” said Chan.

DBS said that the programme was first rolled out as a pilot to social enterprises and charities in Singapore and was subsequently expanded to include SMEs.