DBS Bank has been named the Best Bank in the World by Global Finance magazine, the first time an Asian or Singaporean bank has received this accolade.

DBS chief executive Piyush Gupta said the award reflects how DBS' digital transformation efforts, which began in 2014, are increasingly gaining global recognition.

In the past year, DBS' digital innovations included the launch of POSB Smart Buddy, a savings and payments programme, through which parents can allocate pocket money for their children and track their spending with a mobile app paired with a smartwatch.

DBS has also been turning in higher shareholder returns in the past year, and is one of the few banks in the world that have come up with a way to measure how its investments in digital innovation have translated into higher profits.

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