DBS Bank

We announced today that the Board had appointed Tan Su Shan as Deputy CEO, in addition to her present role as Group Head of Institutional Banking. She will succeed Piyush Gupta as CEO when he retires at the next AGM on 28 Mar 2025. Su Shan, 56, brings solid credentials to her new role, having had more than 35 years of experience in consumer banking, wealth management and institutional banking. Besides Singapore, she has worked in major financial centres such as Hong Kong, Tokyo and London. Su Shan joined DBS in 2010 and spent the first three years building the foundations of the Wealth Management business. She subsequently spent almost equal lengths of time managing the Consumer Banking / Wealth Management and the Institutional Banking businesses, which account for 90% of DBS’ income. Su Shan led the day-to-day efforts to operationalise the bank’s digitalisation strategy across the businesses she ran. She has been President Commissioner of DBS Indonesia since 2014. Her appointment is the culmination of a decade-long succession process where we benchmarked external candidates against a strong field of internal candidates. Following the evaluation, Su Shan was deemed the strongest of all the candidates. Said DBS Chairman Peter Seah, “Under Piyush’s leadership, DBS has been transformed into a high-performing, high-returns institution recognised simutaneously for stability and innovation. Su Shan’s strategic orientation, track record in building businesses, familiarity with technology, leadership ability as well as strong stakeholder management and communication skills make her the ideal successor. Importantly for us, she also embodies the DBS culture. I am pleased that a Singaporean with global experience has emerged as the best candidate to lead an iconic Singapore institution and build on the legacy that Piyush will leave us.” Said Piyush, “Su Shan has worked closely with me for more than a decade to bring the bank to where it is today. She was instrumental in building the Wealth Management, Consumer Banking and Institutional Banking businesses since she joined, and took personal ownership to operationalise our digitalisation strategy. With her appointment, we can be assured that the trajectory of DBS’ transformation will continue well into the future.” Said Su Shan, “I am deeply honoured to have been selected to succeed Piyush. Leading the continued transformation of DBS is a tremendous privilege and responsibility. Some months after Piyush joined as CEO, he called to persuade me to join DBS. I responded to that call and quit the foreign bank I was working at the next day. Joining DBS felt like a homecoming – it is the bank I grew up with, and also the company where I first interned. The last 14 years have been a tremendous ride. I am proud of the founding mission of DBS – financing Singapore’s growth – and will continue to ensure that it is a brand that stands tall not just in Asia but also the world stage.”

It has been a landmark week for China’s financial sector, with the stock markets showing a level of excitement not seen in years. The week was marked by a series of monetary, fiscal, and structural measures from authorities to support liquidity in the banking system, cut borrowing costs for households and corporates, revitalise the property sector, and restore stock market confidence. These actions should lift consumer sentiment, provided they are followed by more interest rate cuts, liquidity support, and incentives for the property market. Are these steps enough to trigger an economic recovery? Find out here: https://go.dbs.com/3N6YJFg Follow DBS Insights Direct on Telegram for daily investment ideas! https://go.dbs.com/3N6dok1 #investing #stockmarket #economy #china #realestate #property

“Your parents never teach you is it?! I want to speak to your manager!” The words stung, but I held my breath and maintained my composure. After all, I’ve faced my fair share of colourful words hurled at me over the last five years as a Customer Service Officer (CSO) at the DBS Customer Centre – in fact, I take pride that I’ve never lost my cool, ever! My response: remain calm, listen, and find a way to help. If they’re reaching out, it means they truly need help. My philosophy is simple. When customers feel I am genuinely listening, they’re more likely to work with me to resolve the issue. Showing my sincere intention to help at the start of each call helps build trust with my customer. I listen, address their concerns, and offer a solution. In that particular call, I reiterated in a rather upbeat tone, “I’m here to help you, Mr Tan.” The customer must have heard the sincerity in my voice, as he calmed down and agreed to speak with me. We went on to resolve his issue, and by the end of the call, he was more at ease. Let me share more about myself. I wasn’t a top student growing up – far from it. I fell into the “didn’t do well in school” category, which left me with a lot of self-doubt. I first chose the role of a CSO in a contact centre instead of serving in a branch partly so I could avoid face-to-face interactions. Being the voice behind the phone line allowed me to focus better on resolving my customer’s issue, rather than being concerned about how I look in front of the customer. Hence, when I realised I could be happy, confident, and reassuring to customers – even on my worst days – I knew I found my spark as a CSO. In an industry known for high turnover rates, I found a deep sense of purpose in this role. As a 31-year-old, my friends and family often ask me, “Why not pursue something more? Why not climb higher on the corporate ladder?” Well, I did consider a change. For a year, I explored a different role in the bank, and was trained to be a Customer Relations Manager. On top of displaying empathy to customers, this role required me to handle customer escalations and complaints, where I learnt how to be more assertive when the situation called for it. Fulfilling as it was, I eventually made the decision to revert to my role as a Customer Service Officer as I gained more joy from it. Still, the skills I had learnt from my time as a Customer Relations Manager gave me more confidence in handling difficult situations and I am grateful for such an opportunity. Earlier this year, I was named Customer Service Champion, in the bank’s monthly internal awards that recognise frontliners who go above and beyond to provide exceptional service. It was a really proud moment for me. Helping customers with their concerns is what makes this job meaningful and rewarding to me. – Kennedy Ng, Customer Service Officer #TrustYourSpark #HumansofDBS

"Supporting a just transition demands a complete rewiring of our economies." – Helge Muenkel, CFA, Chief Sustainability Officer, DBS. Asia is unique. Its diverse demographics, socioeconomics and geopolitics create a complex tapestry that influences how climate change is experienced. In the same way, the region has a unique opportunity to chart its own path towards a more sustainable future, says Helge. He notes, in a Business Times column, that tackling the climate crisis is a critical priority, but we must also do so in a just and fair manner that enables current and future generations to live well. What does living well mean? Put simply, it's being able to breathe fresh air, put food on the table, or have fresh water and shelter. At DBS, we take an active approach to develop financing solutions to meet the evolving needs of clients. We are also driving advocacy and convening the ecosystem to shape sustainability initiatives, focusing on key areas such as supporting the transition; building sustainability-related skills; enhancing reporting and disclosure. More than 90% of economies are not yet green, which is why we’re actively developing innovative financing solutions - to help industries decarbonise in a way that takes into account the needs of all stakeholders. It’s a collaborative effort, and we’re proud to work alongside our partners to ensure we’re all contributing to a sustainable future – one that balances socioeconomic and environmental goals. The future we’re building is one where no one is left behind – a just transition that empowers every community and fosters lasting resilience. Read Helge’s full write-up here: https://go.dbs.com/3BomO83 #sustainability #impact

Pleased to share that DBS' journey in AI and its impact on enhancing customer experiences is now a new case study at Harvard Business School. Titled DBS' AI Journey, the study is the first to focus on AI in an Asian bank. It examines the bank's journey from early experimentation to establishing a robust AI ecosystem. “AI is shaping up to be an absolute game changer in the way we live and work. DBS has been working with AI for over a decade now, and in recent years, we’ve managed to industrialise the use of AI across the bank," said Piyush Gupta, DBS CEO. Among the featured use cases in the study is how we've leveraged AI to provide hyperpersonalised financial nudges. By analysing customer data and behaviour patterns, our AI system identifies opportunities to gently guide customers towards better financial decisions, such as suggesting timely savings plans or highlighting potential investment opportunities. DBS also has a notable 2,500 data scientists, analysts, and engineers in the bank, as highlighted in a recent Business Times article. Read more here: https://go.dbs.com/3NkYEOF Today, DBS deploys over 800 AI models across 350 use cases, and we expect the measured economic impact of these to exceed SGD 1 billion in 2025, after sequential doubling in the last few years. As we continue to innovate and experiment with Gen AI, Piyush emphasised the importance of leveraging emerging technology responsibly. He said, "The infrastructure and governance framework we established during our AI journey have put us in good stead to unlock the potential of Generative AI while managing its emergent risks.” We are honoured to share our learnings and contribute to the ongoing dialogue around AI within the community. (Photo: A showcase of our digibank feature powered by in-house AI/ML models at Singapore FinTech Festival 2023)

DBS Foundation is excited to launch the DBS Foundation Impact Beyond Award, a new initiative to unearth and support innovative businesses with visionary solutions that address the world’s most ‘wicked’ problems. Each year, we’ll pose a challenge statement that spotlights one of society’s pressing needs and invite businesses to pitch innovative and transformative solutions. For the inaugural award, DBS Foundation is putting the focus on ageing. We’re awarding a total of S$3 million to three outstanding businesses to accelerate solutions that enable everyone — including vulnerable communities — to age with dignity and purpose. We’re looking for solutions that: ✅ Enhance quality of life with innovative products and services ✅ Improve access to healthcare, and nutrition, and protecting/ enhancing mental wellness ✅ Foster more inclusive and resilient communities; redefining the built environment to help combat social isolation ✅ Build a multi-generational workforce through new skills and micro-jobs ✅ Improve digital literacy and financial resilience Businesses with other transformative longevity solutions are welcome to apply, too! If your organisation fits the bill, find out more or share this post and tag someone who should apply. Applications for the DBS Foundation Impact Beyond Award are open until 30 November 2024. For more information on eligibility and timeline, check out our website: https://lnkd.in/gwzDv6b9. #ImpactBeyondAward #Impact

Last week’s 50bps rate cut by the US Federal Reserve marked the end of a concerted global effort to combat the post-pandemic inflation surge. After peaking in summer 2022 and causing prolonged anxiety, inflationary pressures have now eased without triggering a recession or a spike in unemployment. While there was some distress among developing economies and major central banks, the overall impact has been managed effectively. Commodities, particularly oil and food, played a crucial role in this recovery, with prices moderating since mid-2022. We are now watching four factors that could impact price stability. Find out what they are at https://go.dbs.com/4diEsHE Follow DBS Insights Direct on Telegram for daily investment ideas! https://go.dbs.com/47zWeEO #investing #economy #finance #inflation #global

"The role of CEO of DBS carries with it tremendous responsibility. I'm honoured. It's a huge privilege. I think we're both in the same boat in that we both want to shine for Singapore. We both kind of want to plant the flag for Singapore on the world stage," says DBS Deputy CEO Tan Su Shan in conversation with kitefoiler and DBS brand ambassador Max Maeder In the second episode of Game On, Max and Su Shan talk about navigating the balance between being public figures and staying grounded. They share insights on leadership, personal life, and trusting their spark. Tune in for their candid conversation, plus a fun Jenga challenge! https://go.dbs.com/3zBfJjO Game On is an exciting new podcast series hosted by Max Maeder. In each episode, Max sits down with inspiring individuals who trusted their Spark to redefine success. Through candid conversations and playful games, Max uncovers the personal stories, lessons, and moments that shaped their journeys. #TrustYourSpark

Profit, purpose, or both? Can businesses remain sustainable if they focus solely on profits? This was the key question posed by Karen Ngui, Head of DBS Foundation and DBS Group Strategic Marketing and Communications, at the inaugural DBS Foundation Impact Beyond Dialogue. The dialogue brought together over 200 guests—including executives from social enterprises, SMEs, philanthropic foundations, as well as private wealth and institutional banking clients— to explore the role of businesses in addressing societal challenges. Panellists, comprising policymakers as well as industry and business leaders, agreed that businesses must not only solve problems but also create lasting, positive impact on society. It starts by embedding purpose in the company’s culture and business model. “DBS started as a bank to develop Singapore, then we went on to develop businesses, and bank underserved segments in the community such as migrant workers. If you create a good or service that creates good, good employees and customers will join you. So good begets good,” said Tan Su Shan, Deputy CEO and Group Head of Institutional Banking, DBS. “What’s encouraging is I do see more and more good leaders who are prepared to take the lead – like DBS, how they inculcate purpose into their values and organisational culture. I’m heartened that DBS and other forward thinkers have come together to be part of SBF Foundation’s Corporate Purpose Initiative which fosters collaboration among companies to address systemic gaps and create collective social impact. When that happens, that's when the tides will rise. Not just one company at a time, but many companies, through the ecosystem they work with,“ added Janet Ang, Chairman of the Singapore Business Federation (SBF) Foundation. Further emphasising the critical role businesses play in society, Desmond Lee, Minister for National Development and Minister-in-charge of Social Services Integration, highlighted how enterprises have a unique value proposition to “transform social impact into sustained change” for vulnerable communities and support the government’s efforts “to establish a robust social service ecosystem”. A major highlight of the event was the launch of a new DBS Foundation Impact Beyond Award. This year, it’s seeking innovative solutions that tackle the urgent challenges of ageing societies, and enable everyone to age with dignity and purpose. A total of SGD 3 million in prize money will be awarded to three visionary businesses (SGD 1 million each), alongside mentorship from DBS management and other business leaders. This initiative is part of DBS’ SGD 1 billion commitment over the next decade to uplift vulnerable communities. Learn more about the DBS Foundation Impact Beyond Award: go.dbs.com/impact-beyond.

The global economy is showing hardly any signs of slowing down; inflation has eased but is still well over the 2% target in the US and EU, and yet, markets are all set for a series of rate cuts in the near term. Sub-3% inflation and above-5% policy rate tend to sit together uncomfortably, so it is understandable that some rate cut is warranted around the need to bring down real interest rates. From the Fed’s perspective, its dual mandate entails a close look at the labour market, which has admittedly slowed in recent months. A decrease in real rates could provide consumers and businesses some respite by reducing debt service costs, which may in turn ease concerns about the economy and support employment. Here's how we think the Fed's rate-easing cycle will likely pan out: https://go.dbs.com/3XL4gaI Follow DBS Insights Direct on Telegram for daily investment ideas! https://go.dbs.com/3N7s9mZ #investing #economy #finance #inflation #global #employment #jobs