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SINGAPORE – DBS has been named Best Bank in the World by the financial publication Global Finance, marking the third consecutive year that it has been recognized through various awards as a leading global bank.
The editor and managing editor of the New York-based magazine, Joseph Giarraputo, said that DBS Bank is an exemplary bank that was poised for the sharp increase in demand for digital banking services during the pandemic.
“Over the past decade, he has invested heavily in all things digital and created a culture for banking that is inclusive and efficient. Those investments are paying off at a time of economic uncertainty. They have strengthened the bank’s resilience and helped it. to serve their customers in their time of need, “he said.
Previous winners of the World’s Best Bank award include Bank of America and ING Bank.
The bank’s latest award follows similar honors last year and in 2018. It was named Best Bank in the World by financial magazine Euromoney last year, a first for an Asian bank.
In 2018, it was also named Best Bank in the World by Global Finance. It won another award that year, when the Financial Times publication The Banker named it Global Bank of the Year.
DBS CEO Piyush Gupta said the bank is honored to put Singapore back on the world map. He also recognized the critical role banks play in supporting employees, customers, and the wider community amid the Covid-19 crisis.
“We are honored by the recognition of our efforts on this front, particularly how our investments in digital and our culture of inclusion have enabled us to serve clients in their time of need,” he said.
In March, the bank launched a digital aid package to help food and beverage companies set up an online food ordering site in just three business days.
With the support of Infocomm’s Media Development Authority and Enterprise Singapore, DBS worked with two local tech startups, Oddle and FirstCom, to help their F&B clients establish an online presence through steps like a menu. electronic brand, a digital store and presence on social networks. .
Among the bank’s other initiatives, its POSB subsidiary opened about 41,000 bank accounts for migrant workers in April, more than three times its usual monthly registrations of 11,000 to 13,000.
This allowed workers to access digital banking services through the POSB Jolly app, especially when they were quarantined in bedrooms.
In 2020, DBS was named Singapore’s most valuable brand for the eighth year in a row by brand strategy and valuation consultancy Brand Finance.
It ranked first in the consultancy’s Top 100 Singapore Brands ranking, with a brand value of US $ 8.47 billion (S $ 11.6 billion).
When the bank’s second-quarter financial results were released in August, Gupta said the bank has been increasing its digital transactions and market share in recent months.
DBS, which is the largest bank in Southeast Asia, reported a 22 percent drop in net profits to $ 1.2 billion as it sets aside more money for loan provisions.
This was down from $ 1.6 billion a year ago, narrowly beating the average estimate of $ 1.19 billion from eight analysts surveyed by Bloomberg.
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