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.”

#DidYouKnow: DBS PayLah! turned 10 this year! In 2014, DBS launched Singapore's first digital wallet, pioneering mobile payments and showcasing the bank's commitment to revolutionising financial services. Over the years, PayLah! has evolved from a simple wallet to a full-fledged lifestyle app. Now, users can do so much more than just pay. You can book your next ride, order food delivery, purchase movie tickets, and even send digital angbaos. Here's a quick look at some highlights: (2017) Scan and Pay takes centre stage: We embraced QR payments and integrated with PayNow for a seamless experience. (2019) Festive gifting goes digital: Introducing QR angbaos - a modern twist on a cherished tradition. (2020) PayLah! becomes a lifestyle companion: Expanding into F&B, transport, and entertainment bookings for an all-in-one experience. (2022) PayLah! goes global: We expanded into Thailand (PromptPay), China (UnionPay), and Malaysia (DuitNow), bringing our innovative services to new audiences. With over 2.8 million wallets on PayLah! today, we are incredibly grateful for the support of our amazing community. We are driven by our passion for innovation and will continue to push the boundaries of fintech to deliver exceptional experiences for our customers.

Get ready for a thought-provoking conversation as we unpack the latest trends and challenges in fintech, ahead of #SFF2024 this week. In the latest episode of Kopi Time with Taimur Baig, we dived deep into the fast-paced world of fintech with Varun Mittal 海王-米塔尔 - Fintech Nation, Founder of Fintech Nation. Varun returned to the podcast after nearly 100 episodes, bringing his keen insights on the industry's rapid evolution. Taimur and Varun took on some big questions: Is fintech living up to its promise? How are profitability and investor returns shaping the landscape? What's the impact on financial inclusion around the world? And how are banks and nonbank financial institutions navigating this dynamic space? Taimur and Varun also discussed the future of finance, looking at the influence of AI and Gen AI, and the potential for regulation. Watch here: https://lnkd.in/g-NKv6tf

Gen AI has the potential to revolutionise the way we live and work, but is it ready to make its own decisions? Maybe soon, but not quite yet. "There must be a human in the loop. At the moment, this is the only way we think it's going to work," said Nimish Panchmatia, DBS' Chief Transformation Officer and Chief Data Officer, in an episode of The Tech Talk Daily Podcast. "At this level of maturity where Gen AI is still picking up, the human knows a lot more," explained Nimish, citing common flaws of Gen AI, including hallucination and the inability to sufficiently capture certain nuaunces. DBS has been innovating and experimenting with Gen AI for many years, and although we've made tremenduous progress and even operationalised multiple use cases within the bank, we continue to take a co-pilot approach to the use of Gen AI-powered tools and models. By letting Gen AI be the "maker" and employees be the "checker", we can leverage the technology to remove toil and improve efficiency, while at the same time, ensuring that all AI-assisted solutions and outputs are of our present standard or better. Learn more about how DBS is using Gen AI in this episode of The Tech Talks Daily Podcast, featuring Nimish: https://go.dbs.com/40zcGUG

The US presidential election is set to take place on November 5. This election is taking place in calm economic times, unlike four years ago when pandemic related distortion and uncertainty clouded the horizon. This time, the economy is maintaining strong growth momentum despite a multi-year monetary policy tightening cycle. The near-term outlook is favourable, with over 2% growth and dissipating goods inflation. But behind the cyclical comfort lies major structural challenges. From fiscal to trade, dollar to China, the US faces major policy decisions. Is the 2025 US macro outlook heavily dependent on the outcome? Find out what DBS economists think: https://go.dbs.com/48GSFxq Follow DBS Insights Direct on Telegram for daily investment ideas! https://go.dbs.com/3UAt43p #investing #economy #usa #finance #future #growth

#Didyouknow: It's been 10 years since DBS first began experimenting with emerging technologies like AI to drive value for the business and our customers. In the early days, we focused on building a strong foundation for our tech capabilities. And when the opportunity arose in the 2020s, we successfully industrialised and scaled AI (and Gen AI!) across the bank. Said Piyush Gupta, DBS Group CEO, "AI is shaping up to be an absolute game changer in the way we live and work. We today deploy over 800 AI models across 350 use cases, and expect the measured economic impact of these to exceed SGD 1 billion in 2025, after sequential doubling in the last few years.” Be it adding value to our customers through hyper personalised nudges and proactive alerts, or enhancing employees' experiences through assistive and advisory tools, we are committed to continuously innovating and reimagining banking of the future. Read more about DBS' 10-year AI journey in this study by Harvard Business School (https://go.dbs.com/4egZkiS) and in this article by EDB Singapore (https://go.dbs.com/4f4sKlJ). #AI #GenAI #Banking #Technology #SingaporeFintechFestival #SFF2024

People often talk about the jobs AI may someday replace, but what about the new jobs it could create? The true measure of an organisation's success with AI isn't just the technology itself, but the people who power it. At DBS, we recognise the need to build a strong pipeline of talents specialised in emerging technologies, while at the same time, continuously upskilling current employees. Some examples of how we are nurturing a future-proof workforce include: - Forming a dedicated unit, The Data Chapter, in 2023, consolidating resourcing and decision-making in AI/ML and data analytics. - Recruitment and specialised training of youths from local polytechnics and universities, building a strong pipeline of talents in AI and more. - Upskilling of employees through internal programmes and partnerships, encouraging innovation and inspiring confidence to work with new technologies. Emphasising the need for continued learning, Sameer Gupta, DBS' Chief Analytics Officer, said, "We are all in that same journey—getting educated on topics like data governance, responsible data use, etc. Our investment in education and fostering a culture of continuous learning will be a significant differentiator for us.” Learn more about DBS' 10-year journey in AI, including how we continue to ensure our employees are AI-ready in this study by Harvard Business School: https://go.dbs.com/3NNa2Tk #AI #GenAI #Banking #Technology #SingaporeFintechFestival #SFF2024

Each time anyone in the bank works on a Gen AI-related project, we ask, "Is this P-U-R-E?" Given the subjective nature of ethics in digital technology, DBS balances innovation with the responsible use of Gen AI through a robust governing and decision-making framework we call P-U-R-E, which stands for - Purposeful in our use of data, - Unsurprising to our customers and stakeholders, - Respectful in how we collect and communicate its use to our customers, - and Explainable, in terms of the model and data outputs. “[The framework ensures] that use case owners evaluate whether we should use the data in the intended way and not just whether it is legally permissible or technically possible,” said Nimish Panchmatia, DBS' Chief Data and Transformation Officer. Read more about our 10-year journey in AI, including the development and use of the P-U-R-E framework, in a recent study by Harvard Business School: https://go.dbs.com/4hrvwCX

The annual meetings of the IMF and World Bank held last week were characterised by relief over global economic resiliency, juxtaposed by heightened concerns about a variety of risks. Global real GDP is expected to remain stable between 2024 and 2025 while concerns about inflation have receded, though it may be too early to declare victory. DBS Group Research expects the resilience of emerging markets to be tested by the outcome of the US elections. Meanwhile, the intersection of AI and capital markets is generating interest from regulators. What is our economist's take on the issues brought forward at the meeting? Find out at https://go.dbs.com/4foLBYp Follow DBS Insights Direct on Telegram for daily investment ideas! https://go.dbs.com/3AiZl87 #investing #economy #economics #asiapacific #emergingmarkets #stockmarket #growth #future #technology #artificialintelligence

What’s one thing young employees can do to actively grow their career? “When you’re a rookie, spend time to cultivate mentors. Find sponsors who can support you in your career moves.” – Tan Su Shan, DBS’ Deputy CEO and Group Head of Institutional Banking According to Su Shan, it’s always good to seek out those who can help you work towards your career goals. And counter-intuitive as it may seem, she advises against asking your direct supervisor to be your mentor. “It is a conflict of interest,” said Su Shan. “Ask people from within the organisation, but other parts of the organisation. They are very independent of your career and can give you objective advice.” Su Shan also brings up other useful tips for anyone navigating the corporate world, such as insisting on regular check-ins with your boss, and finding ways to have more diverse streams of feedback from those more senior than you. On a personal level, Su Shan enjoys seeking out "reverse mentors", who are people possibly younger and/ or more junior than her, but have new perspectives and insights to share. Su Shan was speaking at a fireside chat organised by the Financial Women’s Association Singapore.