DBS bags World Best Bank award, recognised for digital initiatives during pandemic

Euromoney editor Louise Bowman said DBS was able to use the pandemic as an opportunity to innovate and show digital leadership.
Euromoney editor Louise Bowman said DBS was able to use the pandemic as an opportunity to innovate and show digital leadership.PHOTO: ST FILE

SINGAPORE - DBS was on Friday (Sept 10) awarded the World's Best Bank title by British publication Euromoney, the fourth consecutive year it has gained the accolade from a financial publication.

Euromoney also named DBS the World's Best Digital Bank, making it the first time any bank in the world has held both titles concurrently.

Euromoney editor Louise Bowman said Singapore's largest bank was able to use the pandemic as an opportunity to innovate and show digital leadership.

Since the onslaught of Covid-19, the bank has approved more than 12,000 collateral-free loans totalling more than $6.2 billion and $11 billion in loan moratoriums for micro-, small- and medium-enterprise customers.

Last year, it allowed home owners across its regional markets to defer mortgage repayments amounting to $5.2 billion.

DBS also facilitated the Government in digitally distributing payouts of more than $31 billion to support families and businesses in need during the crisis.

The bank launched several first-time initiatives that tap emerging technologies such as blockchain and artificial intelligence.

These include DBS Digital Exchange, a blockchain-based platform for fund raising through asset tokenisation and secondary trading of digital assets such as cryptocurrencies, as well as Climate Impact X, a global exchange and marketplace for high-quality carbon credits.

DBS chief executive Piyush Gupta said the bank's digital, blockchain and carbon initiatives stemmed from observing trends such as hyperdigitalisation, supply chain shifts and an increased sustainability focus, all of which the bank believes "will reshape the post-pandemic world".