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Global Finance Awards DBS World's ‘Best Bank’ Title

Global Finance Awards DBS World’s ‘Best Bank’ Title

(27 August 2018 - SIngapore) Global Finance magazine has awarded DBS Bank as the Best Bank in the World for 2018. The bank has become the first Singaporean and Asian winner of Global Finance Magazine's Best Bank in the World Award, surpassing last year's winner ING. The award follows DBS Bank’s recognition as Asia's top bank in May, supplanting 2017 winner ICBC, in the magazine's annual World's Best. The bank is one of the few in the world that have come up with a way to measure how its investments in digital innovation have translated into higher profits.

DBS CEO Piyush Gupta stated that the award reflects how DBS' digital transformation efforts that commenced in 2014 are increasingly gaining global recognition. In the past year, DBS' digital innovations included the launch of POSB Smart Buddy, a savings and payments programme, through which parents can allocate pocket money for their children and track their spending with a mobile app paired with a smartwatch. DBS has also been turning in higher shareholder returns in the past year.

Since 2017, DBS has introduced a wide range of innovative solutions as well as differentiated pricing structures to speed up electronic payments and funds transfer adoption among its corporate clients. DBS was the first bank in Singapore to launch its revolutionary API platform – ‘IDEAL RAPID’ - offering instant payments and streamlined processes for corporate customers. Other improvements include a complete waiver of monthly charges for usage of its corporate banking platform ‘IDEAL’, to significantly reducing FAST pricing from SGD 5 to a low SGD 0.50. DBS also launched corporate bill payments via IDEAL earlier this year, enabling all its corporate clients to pay bills online. With these offerings, DBS has seen payments via FAST grow by more than 300 percent and digital payments increase by 25 percent amongst corporate clients.

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