Digital Bank in Singapore

When it comes to handling a crisis, surviving is not all, but using a crisis as an opportunity to become better through innovative thinking. It is a prime reason why DBS is known for winning the “World’s Best Digital Bank” in 2021. The leading Singapore digital bank is known for repositioning itself as a ‘bank of the future, making use of the crisis.

As the industry leader and best digital bank in Singapore, DBS is popular for instituting numerous ground-breaking initiatives. They are:

1. Responsible banking

Its responsible banking services offer:

  • Responsible financing

Protecting our ecosystem and conserving our natural resources by building a sustainable future is critical. Financial institutions consider environmental, social, and governance (ESG) factors and associated risks and opportunities for sustainable financing. DBS, for instance, encourages sustainable practices through Group Responsible Financing Standard and Group Core Credit Risk Policy, which set principles for considering ESG risks in their financing and credit risk management activities.

Its sustainable financing products include financing renewable energy, sustainable investing, green loans, sustainable bonds, and digital solutions for sustainability.

  • Fair dealing

Financial planning is crucial for attaining a business’ objectives. It involves devising policies, objectives, procedures, and budgets concerning the business’ financial activities. DBS’ digital banking services extend to providing related information, appropriate recommendations, and quality advice to facilitate financial planning. Some ways of dealing fairly with customers are:

  • Dealing with customers’ requests and requirements sincerely
  • Offering customized financial outcomes
  • Improving the competency level of financial advisors to meet customers’ needs
  • Bringing clarity and transparency to communication.
  • Financial inclusion

Through appropriate solutions, DBS offers financial services to everyone, including individuals and entities that are traditionally and economically underprivileged but contribute to the Sustainable Development Goals (SDGs). In the process, it offers subsidized and affordable banking services to people in Singapore. 

It also helps SMEs with working capital and small loans through government-assisted schemes like Business Recovery Loans, Enterprise Financing Scheme Trade Loan (EFS-TL), Venture Debt Loans, Project Loans, and Fixed Assets Financing. 

  • Cyber security

DBS protects its customers’ sensitive data and assets through Cyber Security Risk Management Framework and Group Information Security Policy. 

2. Responsible business practices

DBS incentivizes business enterprises, which add sustainability to their key operating principles, by offering products that cause minimal damage to the environment.

  • Managing its environmental footprint

DBS shows a way of managing its environmental footprint by having societal and environmental factors deeply embedded into its business operations. For instance, DBS Newton Green is a project that the Singapore digital bank undertook to retrofit its old office consuming 845,000 kWh each year with 100 percent renewable energy. 

The DBS Newton Green project is engineered to generate the maximum amount of renewable energy through solar panels while consuming energy as minimal as possible. In the process, it takes pride in being the first bank to operate in a net-zero building in Singapore.

  • Sustainable procurement

In an effort toward building a stronger and more reliable supply chain, DBS teams up with its suppliers to help improve their performance for sustainable operations. Being one of the renowned financial services groups in Singapore and Asia, DBS invests in their wide range of products and services.

The bank mostly focuses on corporate services, software, professional services, and real estate. Nevertheless, its procurement decisions are dependent on financial, environmental, and social factors considering the risks involved in terms of reputation, financial, and legal.

3. Impact beyond banking

DBS supports social enterprises struggling to create an impact in society through: 

  • DBS Foundation

Through DBS Foundation, one of a kind in Singapore, the leading digital bank offers dedicated support to innovative social enterprises for community impact. With grants and other resources like mentorship, skills-building workshops, customized programmes, and business opportunities, DBS Foundation commits itself to champion social enterprises across Asia. 

Social enterprises generally work hard to create an impact, for they have limited resources. DBS’ SE support programme helps social entrepreneurship for impact through financing training and mentoring. 

  • Give for good

DBS is instrumental in helping individuals and entities give back to the community by supporting the causes. With a bank account, you can send donations using DBS’ digibank, net banking, or iWealth services.

  • Zero food waste

A purpose-driven bank, DBS initiated a Zero Food Waste (ZFW) in 2020, which aligns with Responsible Business Practices, Responsible Banking, and Creating Social Impact, to reduce food waste and build a food-secure future. 

With all these unique banking and beyond banking activities, DBS establishes itself as a leading Singapore digital bank helping everyone have a sustainable future.


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