4. iBanking
Since its launch in August 1997, DBS Internet Banking (iBanking) remains the most popular online
banking service in Singapore. Its customer base has been growing steadily with about 100,000 new
users every year since 2000. More than 50 per cent of the users transact over iBanking at least once
every month, compared to the industry average of 35 per cent.
mBanking
On 15 April 2010, DBS Bank launched mobile banking service, mBanking, to both DBS and POSB
customers. It allows customers to view their banking and credit card accounts, transfer funds and
pay bills via their mobile phones. Customers will need to download an application from the google
play store or iTunes app store by searching DBS mBanking or POSB mBanking to use the service.
DBS Paylah!
DBS launches mobile wallet PayLah!
616 w ords
2 June 2014
The Asian Banker
ASABNK
English
(c) 2014 TAB INTERNATIONAL PTE LTD
SINGAPORE – DBS opens up new possibilities for mobile payment with the
launch of its mobile wallet DBS PayLah!. The wallet comes in a form of a mobile
application (app), which allows DBS/POSB customers to send and receive funds
instantly outside of the internet banking environment.
DBS PayLah! is the lastest milestone in the bank’s mobile payment journey and
is designed to drive greater payment usage. As a mobile wallet with a higher
daily limit of SGD 999, PayLah also allows for greater flexibility in payment
usage. For instance, it can be used to pay the helper’s salary, give children
pocket money and to pay for purchases with sole proprietorships such as blog
shops or taxi rides.
While smart phone penetration is high in Singapore at 87%[1], consumers have
been slow to adopt mobile payment. Some of the key challenges for mobile
payment include concerns around security, privacy and convenience[2].
These concerns were little changed from 2011 when DBS launched its mobile
banking application – mBanking. To encourage adoption of mobile banking then,
the bank focused on creating a seamless and intuitive mobile experience. DBS
also extended its Money Safe Guarantee to mBanking users to bolster
confidence in the channel.
To lower resistance to new technology, mBanking initially provided access to
only the most popular transactions – account summary, funds transfer and bill
5. payments. Other features such as investment services, card activation and Q
Cams were introduced in phases after consumers become more familar with
mobile banking. As a result, DBS today has the largest mobile banking user base
in Singapore with over 800,000 mBanking users.
mBanking remains one of the key elements of DBS’ mobile payment ecosystem.
Since 2011, the number of funds transfer conducted via mBanking has grown by
more than 270% to 7.4 million transactions last year. DBS PayLah! will contribute
to this growth by making peer to peer payment easier.
Mr Louis Foo, Senior Vice President of Consumer Banking Group eBusiness,
DBS Bank Singapore, said, “Mobile payment is on an upward trajectory. While
our customers have become increasingly tech savvy, mobile wallets remain a
new frontier in the Singapore’s payment landscape. Hence, it is important to
address customers’ concerns while providing a mobile payment experience that
is seamless and intuitive. Innovation in this space especially needs to add
genuine value to the user’s experience.”
Out of the over one million online transactions handled by DBS daily, more than
30% are mobile transactions, largely driven by consumers. To encourage
merchant adoption of mobile payment, DBS is currently piloting ‘MobilePay’, a
Point-of-Sale mobile app that allows merchants to accept payments on the go.
DBS mBanking, PayLah! and MobilePay form a mobile payment ecosystem that
will help to reduce the reliance on cash in Singapore and further entrench the
nation as a key financial hub.
Said Foo, “We have received more than 5000 sign ups for DBS PayLah! within a
week of making the app available. This signals consumers’ readiness to adopt
mobile payment. With more than 4.4 million customers in Singapore, most
consumers would have a DBS/POSB account and would be able to use PayLah!.
Having a critical mass is important to drive awareness and usage of mobile
payment.”
DBS PayLah! can be downloaded for free from Google Play Store or iTunes App
Store. One needs to have a DBS/POSB Savings/Current account, iBanking and
a smartphone in order to use the app. The iBanking token is required for the first
time top-up only. For more information on DBS PayLah!, please
visit: http://www.dbs.com.sg/personal/payments/dbs-paylah.
Re-disseminated by The Asian Banker
DBS & POSB merger
6. DBS Bank, POSBank to merge.
By Tan Li Eng.
758 w ords
25 July 1998
Straits Times
STIMES
English
(c) 1998 Singapore Press Holdings Limited
THE man-in-the street's bank for 26 years, POSBank, is merging with
commercial bank DBS to create the 65th biggest bank in the world.
Under the deal - the most significant banking merger in Singapore's history - DBS
Bank will acquire statutory board POSBank for S$1.6 billion, a premium of 37 per
cent over the net tangible asset value of S$1.164 billion.
The much-speculated marriage of the two institutions will result in a combined
asset base of S$93 billion and shareholders' funds of S$9.4 billion.
It cements Government-linked DBS' position as the largest bank in the Republic
and in South-east Asia and is a step further in boosting its vision of becoming a
regional bank with a global reach.
Finance Minister Dr Richard Hu said in announcing the merger yesterday: "This
move is in line with the Government's policy of encouraging local banks to merge
and consolidating their operations in order to develop into sizeable banks to
compete internationally."
This was coupled with the need for POSBank, with which almost all of
Singapore's adult workers have savings accounts, to better service increasingly
sophisticated customers and depositors, he added.
On the flip side, account holders with the national savings institution will lose
privileges such as the tax-exempt status on their deposits. And Credit POSB
home-loan borrowers will eventually have to fork out more for their at-present
cheap mortgages to bring them in line with commercial bank rates.
However, POSBank depositors can look forward to higher interest rates on their
savings eventually.
Dr Hu reassured: "The Government recognises that the impact of its privatisation
(of POSBank) on Singaporeans will be significant. Those changes that will have
a major impact on Singaporeans will have to be phased in gradually, but this will
be done in a manner which makes commercial sense for DBS Bank."
7. Children, students below 21 years old and fulltime National Servicemen will
continue to enjoy free basic savings account services to continue POSBank's
mission of encouraging savings.
The deal is expected to be consummated - pending approval by DBS
shareholders and a Bill to be passed by Parliament for the dissolution of
POSBank - in November. Until then, both institutions will still service their
customers separately.
Besides taking over POSBank's total deposits and assets and loans of mortgage
arm Credit POSB, under the deal DBS will now have a combined network of 173
branches and 951 ATMs.
POSBank will operate as a division of DBS. Dr Hu and DBS Bank chairman S.
Dhanabalan said no job losses would result from the creation of a 7,000-strong
workforce. However, Mr Dhanabalan emphasised this assumed the economy
stayed on an even keel.
DBS' acquisition will take the form of non-voting convertible preference shares,
representing about 22 per cent of the existing issued share capital of DBS, or
about 18 per cent of the enlarged share capital, assuming full conversion.
According to Dr Hu, the Government's stake in the enlarged DBS will be about 53
per cent on the full conversion of preference shares.
As for the well-known POSBank brand, that stays. "It is a well-known brand. It is
an advantage we do not want to discard," he said.
WHAT IT MEANS FOR YOU
The POSBank brand and its branches will still exist, but with some changes ...
POSBank account holders
* Government guarantee on all POSBank deposits to be removed on Nov 30 this
year.
* Savings account tax-exemption until Dec 31, 1999.
* Further tax-exemption for first S$100,000 balance in each savings account until
Dec 31, 2004.
Credit POSB mortgage customers
* 1.5% to 1.75% below DBS rates until Dec 31, 1999.
8. * Interest rates will then be stepped up over three years to reach market levels on
Dec 31, 2002.
ATM card users
* From Nov 30 this year, POSBank customers will be able to use DBS automated
teller machines (ATMs) and vice-versa. But unlike DBS customers, POSBank
customers still cannot use other local banks' ATMs.
WHAT IT MEANS FOR DBS BANK
* World ranking jumps from 90th place to 65th.
* No 1 in Singapore in terms of deposits, loans, branches, ATMs, shareholders'
funds and total assets.
* Biggest housing loan provider with estimated S$14 billion portfolio.
How does the merger affect you? What are the issues that still puzzle you? We
want to hear from you. Call Newsline on 1800-737-8700, between 9 am and 1
pm.
DBS’s entry into China
China: Locally incorporated in 2007, first Singapore bank to do so; 29 branches in 10 major cities
today
SINGAPORE, 27 December 2006 – DBS Bank announced today that it has received approval
over the weekend from the China Banking Regulatory Commission (CBRC) to prepare for local
incorporation in China. DBS is the only Singapore bank among nine foreign banks to receive
this approval.
On Monday, DBS also obtained the approval from CBRC to provide time deposits of at least
RMB 1 million to local Chinese residents at its Beijing, Shanghai and Shenzhen branches,
strengthening its RMB offerings at these branches.
China is an integral part of DBS’ blueprint to be a premier bank in Asia and the approvals mark
an important step towards growing DBS’ business in China. With the set-up of the local
subsidiary, DBS will be able to offer local Chinese residents the full suite of RMB banking
services.
9. Richard Leung, DBS Country Head for China, said: “We are pleased to receive the approvals for
both our applications which will spearhead our expansion in China. The swift response from
CBRC reflects their commitment to open up the market and we are excited to be part of this
milestone development for the Chinese market.
“We look forward to receiving the approval for the commencement of our local subsidiary soon
and roll out our full suite of wealth management services in China so that local customers can
enjoy the same level of services as our customers in Hong Kong and Singapore.”
Currently, DBS has five branches in Beijing, Guangzhou, Shanghai, Shenzhen and Suzhou, one
sub-branch in Shanghai, and four representative offices in Fuzhou, Hangzhou, Tianjin and
Dongguan.
DBS opens branch in Shanghai.
102 w ords
21 May 1995
Reuters New s
LBA
English
(c) 1995 Reuters Limited
SINGAPORE, May 20 (Reuter) - DBS Bank said it had officially opened a branch
in Shanghai, its first in China.
The establishment of the Shanghai branch, which started operations on May 15,
follows the setting up of a representative office in Beijing in 1992, the company
said in a statement.
The Shanghai branch provides financial services including corporate banking,
project financing, trade financing and retail banking, it said.
Apart from China, DBS Bank has offices in Hong Kong, India, Indonesia, Japan,
Korea, Malaysia, Myanmar, Taiwan, Thailand, UK and the US. --Singapore
newsroom 65-8703080
(c) Reuters Limited 1995
10. DBS’s entry into India
Money
DBS Bank to open full branch office in Bombay
348 w ords
7 September 1994
Straits Times
STIMES
English
(c) 1994 Singapore Press Holdings Limited
DBS Bank is opening a full branch office in Bombay, the commercial capital of
India, before the end of this year.
This will make it the first South-east Asian bank with a full banking licenc e in
India.
The branch will be located in the heart of Bombay's business district, Nariman
Point.
DBS has leased space on the 12th floor of Maker Chamber No 4, a prime
building in the area. It is currently being renovated and the branch is expected to
be operational within this year.
The bank sees tremendous business potential in India in view of the growing
trade and economic ties between Singapore and the sub-continent.
It is understood the new branch's focus will be on capital market activities , trade
financing, project financing and general financing.
The establishment of the full banking branch follows DBS Bank's earlier
establishment of a representative office in Bombay in January.
Located in the world famous Taj Mahal Hotel near the landmark Gateway of
India, the representative office is headed by Mr Boey Yin Chong.
Sources said that DBS' image as a kind of national bank and its strong regional
presence in Asia-Pacific, helped it clinch the full banking licence from India.
Before the Rao government took office in mid-1991, India had frozen the entr y
and expansion of foreign banks.
11. However, as part of its economic liberalisation, it now allows foreign banks
to enter the country if they fulfill the required conditions. A key requirement is that
the bank must bring in assigned capital of US$25 million (S$37 million).
What may have strengthened Singapore's case is that five Indian banks have
been operating here for a long time.
These are the Bank of India, Indian Bank, Indian Overseas Bank and UCO Bank,
which have full banking operations here, while the fifth - State Bank of India - has
an offshore licence.
In addition, there is the representative office of the specialised Export-Import
Bank of India, which focuses on trade financing.
SPH AsiaOne Ltd.
DBS launches 50 Million Foundation, SG50
DBS LAUNCHES SGD 50 MILLION FOUNDATION TO STRENGTHEN CSR
EFFORTS
1173 w ords
13 February 2014
ENP New sw ire
ENPNEW
English
(c) 2014, Electronic New s Publishing. All Rights Reserved.
Release date - 12022014
DBS Bank announced today that it has established a SGD 50 million foundation
to strengthen its corporate social responsibility efforts in Singapore and across
Asia.
The initiative is being launched in conjunction with Singapore50 (SG50), to mark
Singapore’s 50th year of independence next year.
As the former Development Bank of Singapore, DBS has had a rich heritage of
helping the industrialisation of Singapore. With POSB being the ‘People’s Bank’,
the bank also sees itself as being an integral member of the community, serving
more than four million customers in Singapore. Having progressed over the years
with the nation, the bank believes that the foundation will enable it to further
12. contribute to the success of Singapore, and play a bigger role in the future of
Asia.
With the launch of DBS Foundation, the bank will scale up its support for
communities in Asia, and make an even greater impact in addressing the
region’s evolving social needs. While the foundation’s objectives are expected to
evolve over time, in the foreseeable future, it intends to catalyse social innovation
by encouraging the development of innovative social initiatives. These initiatives
include nurturing the social entrepreneurship sector. The foundation will also
provide relief and support to communities in need, including donations in times of
natural disasters or crises.
The establishment of the foundation underlines DBS’ commitment of giving back
to the community in a sustained manner over the long term. Since 2012, the
bank has provided over SGD 1.8 million in grants to 56 social enterprises in Asia.
Of this, more than SGD 550,000 has been to eight social enterprises in
Singapore, including Adrenalin, A-changin, Bizlink and Billion Bricks. The funds
have enabled these social enterprises to set up new businesses or expand
existing ones so as to provide employment opportunities to the disadvantaged or
marginalised. The bank has been active in supporting social enterprises because
they resolve social issues through financially viable solutions, enabling them to
sustain their efforts over the long term. DBS also remains the only bank to offer
virtually free banking services to social enterprises in Singapore, Hong Kong,
China, India, Indonesia and Taiwan.
To encourage young people to do more for the community, DBS recently
partnered the National University of Singapore (NUS) to launch an inaugural
competition that will identify new ventures that have the potential to generate
scalable and sustainable social impact. Launched in September 2013, the DBS-
NUS Social Venture Challenge Asia has attracted over 400 submissions from
over 15 countries around the world. Of the participants, 70% are younger than 30
years old, and close to 40% are women. The bulk of ideas centre on the use of
technology to create social impact. The winners - who will be made known in
June 2014 - will receive funding to start their social ventures.
‘Over the past two decades, Asia’s rapid economic growth and development
have led to an improvement of living standards across the region. However, a
sizable proportion of Asia’s population has yet to benefit from the region’s rise to
prosperity,’ said DBS CEO Piyush Gupta. ‘At DBS, we are of the view that we share
a symbiotic relationship with the societies and communities which we operate in.
We believe in being a force for good. Apart from creating long-term economic
value, we also seek to positively benefit the communities we are present in, and
deliver social value. The DBS Foundation will enable us to be a further catalyst of
change.’
14. Said Sim S. Lim, Singapore Country Head, DBS Bank, "Last year's inaugural DBS
Marina Regatta helped to showcase the beautiful waters of Marina Bay. This
year, the expanded DBS Marina Regatta will further help transform Marina Bay
into a 'People's Bay' as it draws families and friends to the area with exhilarating
races, engaging performances as well as a variety of land and water activities.
This is in line with our efforts to add vibrancy to Singapore's new financial
downtown while enabling the broader community to experience and enjoy the
Bay."
Members of the public can also expect a colourful showcase of cosplay talent in
Singapore and fun carnival activities for all ages during the Dragon Boat Races
taking place over the first weekend.
DBS Marina Regatta - Dragon Boat Races, 18/19 May
DBS brought international dragon boat competition back to Singapore after a 12-
year hiatus, with the inaugural DBS Marina Regatta in 2012. The event brought
more than 10,000 people including about 2,000 dragon boaters from close to 100
international and local teams to the Bay.
This year's event will draw even more participants, with close to 130 teams from
all over the world gathering on the waters of Marina Bay to compete for cash
prizes totalling SGD195,000 - one of the highest cash prizes for the sport.
DBS Marina Regatta - Dragon Boat Races is organised in partnership with the
Singapore Dragon Boat Association (SDBA).
Dr Lam Pin Min, President of the SDBA said, "Last year's inaugural DBS Marina
Regatta was the first international dragon boat race held in Singapore since
2000. We are very heartened by the response and support from both
international and local teams. Leveraging on the success of last year's event, we
have increased participation from five to 14 international teams this year. DBS
Marina Regatta is fast gaining recognition as a premier showcase for the best of
Southeast Asia dragon boat competition."
This year's Dragon Boat Races will have eight international and local categories
in all. The tertiary categories have been expanded to include overseas tertiary
dragon boat teams, further promoting the sport among youth. Over 20 tertiary
teams will form closer ties with their peers in the region and gain international
competition experience as they paddle against one other in the waters of Marina
Bay.
In support of the increasing number of female athletes in the sport, two new race
categories, DBS Tertiary Women and DBS Singapore Corporate Women, have
also been added to the line-up.
15. The international category for DBS Marina Regatta 2013 will feature the DBS
International Premier and the DBS Tertiary races while the local category will
comprise the Singapore Premier and Singapore Corporate races. (More details
on the race categories are available in Annex A.)
The DBS Marina Regatta is part of the bank's continuing efforts to engage the
community, enliven the Bay, and to share the vibrancy and dynamism of
Singapore's new financial downtown with a wider population. (For other
community initiatives taking place in 2013, please refer to Annex B.)
DBS Marina Regatta
Bringing people to the Bay, the Bay to
the people
Every May, we bring the uniquely Asian sport of dragon boating to the heart of Singapore’s financial
district with DBS Marina Regatta. The Marina Reservoir literally comes to life with Singapore’s
biggest water sports festival, which promises action both in the waters and on land.
The annual Regatta showcases the best of Asian dragon boating action. Each year, more than 140
international and local teams paddle it out for cash prizes totaling close to SGD 200,000, the highest
in a dragon boat race. Launched in 2012, the Regatta was Singapore’s first international dragon boat
races after more than a decade.
The Regatta is not just for those into dragon boating. To entertain the young and the old, individuals
and families, we have in store a host of land programmes, including cosplay parade, drum
challenge, food festival and many other fringe activities. Photography enthusiasts will have a field
17. The public can expect to experience the rare opportunity of sailing in a DBS
sailboat on the waters of Marina Bay while enjoying its environs for free.
Through this sailing programme, DBS hopes to make the Bay and what it has to
offer more accessible to the community at large. This initiative is expected to
reach out to 2,000 people and provide them with a memorable experience on the
waters of Marina Bay. (For more information and to register, please
visit http://www.dbs.com/community/dbsmarinabaysailing)
DBS Marina Regatta
This year's DBS Marina Regatta promises to be even bigger and better than last
year's. This year's event will span two weekends - 18/19 May and 24/25 May,
making it the biggest water sports festival ever held in Singapore.
In a revival of dragon boating in Singapore, last year's inaugural Marina Regatta
saw participation from about 2,000 dragon boaters from close to 100 international
and local teams. It also attracted more than 10,000 people to the Bay.
POSB PAssion Run for Kids
The fifth POSB PAssion Run for Kids is slated for 8 September at the Marina Bay
Promontory. Categories include the 3.5km Family Walk, the 10km Men's and
Women's Open, and the 800m and 1.2km Boys' and Girls' Open.
Jointly organised by POSB and the People's Association (PA), the event
encourages the public to run to raise funds for underprivileged children. Last
year, the run attracted more than 8,000 participants and raised more than SGD
1.1 million for at least 15,000 children.
DBS Social Enterprise Year-end Special
To round off the year, DBS will be collaborating with various social enterprises to
organise a Social Enterprise Year-end Special at Marina Bay in November.
Championing social entrepreneurship across the region is the centrepiece of
DBS' corporate social responsibility efforts. As DBS believes that the future of
business is to be a force for good, it supports social enterprises that seek to
resolve social issues with financially viable solutions.
Today, DBS banks over 80% of social enterprises in Singapore, and has
earmarked SGD1 million as project grants for social enterprises in the region.
With these events lined up for the year, DBS is committed to bringing people to
the Bay and the Bay to the people.
