Bank of the Year: DBS Bank

The Singapore-based bank has been working hard over the past year to explore new, innovative ways to support small, growing business including through the deployment of emerging technologies such as blockchain. The bank was also quick to offer COVID-19 relief packages to customers as well as to pay for meals and care packages to those at risk.

More recently, DBS has received approval from the China Securities Regulatory Commission to establish DBS Securities (China) Limited, a joint venture securities company in which DBS Group will have a controlling stake. DBS Securities will be an important part of DBS Group’s strategy in China. Businesses that it will engage in include brokerage, securities investment consulting, securities underwriting and sponsorship, as well as proprietary trading. DBS Securities is committed to providing best-in-class onshore products and services for domestic and international customers. Piyush Gupta, CEO of DBS Group, said: “We are very pleased to receive CSRC approval to establish DBS Securities. This year marks the 30th anniversary of diplomatic relations between China and Singapore. Likewise, DBS Group has been supporting China’s financial development in the past 30 years. The ability to set up a securities company in China represents yet another key milestone, enabling us to make available the best of DBS’ capabilities and offerings, and provide customers in China with a full range of onshore and offshore financial services." Neil Ge, China head of DBS Group said: "The establishment of DBS Securities will further support the long-term sustainable development of DBS Group in China and meet the changing needs of customers in multiple aspects. With the continuous expansion of DBS’ onshore business platforms, the Group is committed to providing more comprehensive financial services to Chinese customers."

Shanghai-based DBS Securities (China) has registered capital of 1.5 billion RMB and is 51%-owned by DBS as well four Chinese firms.