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DBS has been named the world’s best bank by the financial publication Global Finance, marking the third year in a row that it has been recognized through various awards as a leading global bank.
The editor and editorial director of the New York-based magazine, Joseph Giarraputo, said that DBS Bank is an exemplary bank that was ready for the sharp increase in demand for digital banking services during the coronavirus pandemic.
He said: “Over the last 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 have improved it. they have helped serve their customers in their time of need. “
Previous winners of the World’s Best Bank Award include Bank of America and ING Bank.
The latest award from DBS follows similar honors last year and in 2018. Euromoney financial magazine named it the best bank in the world last year, a first for an Asian bank.
In 2018, it was named the best bank in the world by Global Finance. It won another award the same 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 food and beverage customers establish an online presence through measures such as an electronic menu, a digital store and social networks. presence.
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 due to Covid-19.
This year, 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 in 2020, with a brand value of US $ 8.47 billion (S $ 11.6 billion).
In publishing its second quarter financial results last month, Gupta said that DBS has been increasing its digital transactions and market share in recent months.
Southeast Asia’s largest bank reported a 22 percent drop in net profits to $ 1.2 billion as it set 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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