DBS Singapore DBS Bank (previously known as The Development Bank of Singapore Limited) is a bank in Singapore, established by the Government in June 1968. Elsewhere in Asia, others are attempting to ride the digital wave. {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}}. DBS said Singapore Exchange will take a 10% stake in the digital exchange, while the rest will be owned by the bank. Enjoy a new wave of banking that’s intuitive, invisible and intelligent. Global Bank of the Year 2018, ... ©2019 DBS Bank Ltd | DBS Bank Ltd is a Singaporean multinational banking and financial services corporation headquartered in Marina Bay, Singapore.The company was known as The Development Bank of Singapore Limited, before the present name was adopted on 21 July 2003 to reflect its changing role as a global bank.. DBS Bank Ltd is a Singaporean multinational banking and financial services corporation headquartered in Marina Bay, Singapore.The company was known as The Development Bank of Singapore Limited, before the present name was adopted on 21 July 2003 to reflect its changing role as a global bank.. List of DBS Branch Locations in Singapore DBS Bank Branches in Singapore #1. The three banks saw their net profits for the three months ended September fall between 12% and 40% on the year due to continuing pressures from the health crisis and reserves set aside for bad debts as companies ran into difficulty repaying their debts. City-state moves forward on digitization to cement financial hub status. Set up your Digital Token to continue banking online, seamlessly. Huat power savings with extra 8% cashback and over 100 DBS/POSB deals to choose. Hosted by Southeast Asia's largest lender, DBS Group Holdings, the DBS Digital Exchange will also function as a regulated platform for the issuance and trading of digital tokens backed by financial assets, such as shares in unlisted companies, bonds and private equity funds. DBS, meanwhile, says its initiative has huge potential. A visual representation of bitcoin S3studio | Getty Images Apply online now to enjoy fee waiver for all incoming PayNow Corporate transactions and PayNow outgoing lookups! Bobby Ong, co-founder of cryptocurrency market overview provider CoinGecko, also lauded the the DBS initiative. Phillip Securities' Kuang, however, said it was unclear how much the lender's new digital exchange platform would contribute to earnings. DBS Singapore. Stock analysis for DBS Group Holdings Ltd (DBS:Singapore) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Manage your money better with our how-to guides and tips, The top 4 features that any personal finance app worth your salt should have. That was shortly after Singapore's central bank announced the winners of licenses to operate the city-state's first digital-only banks. Also, find DBS Bank Singapore SWIFT Codes / BIC. 2 Orchard Link #02-07/08 Scape Building Singapore 237978. Everyone should have access to affordable financial services. DBS is thus following up on what iSTOX began in February. DBS. For the moment, the platform is only open to professional investors -- an exclusive club for the likes of corporate fund managers who are clients of DBS, rather than ordinary retail customers. It is also allowed to operate the platform for the exchange, according to the bank. Learn More. However, amidst the huge range of products, finding information on specific offerings, such as how much a telegraphic transfer, might cost, may be difficult. A frontrunner in digital transformation, we seek to deliver a new kind of banking that is so simple, seamless and invisible, that customers have more time to spend on the things they care about. "The exponential pace of asset digitalization provides immense opportunities to reshape capital markets," said the lender's chief executive, Piyush Gupta, when DBS revealed it was going ahead with the exchange in early December. Best Bank in the World 2020, Global Finance. Start investing with insights, advisory and digital control. DBS Treasures. DBS has "AA-" and "Aa1" rating, and has been accorded the Safest Bank in Asia according to Global Finance for 12 consecutive years from 2009 to 2020 Features & Benefits Choose from 3 different account types, with access to 14 different currencies. Whether trading commissions on the new platform will differ from those on existing trading platforms has not been disclosed, either, leaving open the question of how popular it will be with investors. World's Best Bank 2019, Euromoney. DBSâs Chief Executive Officer Piyush Gupta expects Lakshmi Vilas to become profitable in 12 to 24 months as the Singapore bank sets aside amalgamation expenses and allowances for soured assets, he said at a Feb. 10 earnings media briefing. © Reuters, Singapore ushers ASEAN into new digital banking era, Singapore internet giant Sea to raise $2bn with new shares, Hong Kong startups lead region's charge into virtual banking, Ant Group and Grab win Singapore digital banking licenses, Singtel faces challenges in Singapore's 5G era with new CEO, Singapore digital bank winners surge on hopes for fintech growth, Singapore banks grapple with digitization as disrupters beckon, DBS to offer tailored app in its digital transformation, Singapore's Temasek joins Facebook-backed Libra currency. The DBS Digital Exchange for cryptocurrencies as well as other financial products is a way for the lender to stand out from the pack as digital disrupters threaten to chip away at its market share, noted Tay Wee Kuang, an analyst at Phillip Securities Research. DBS Operating Hours Monday to Friday: 10.00 AM â 6.00 PM Saturday: 10.00 AM â 2.30 PM Sundays and Public Holidays: Closed Secure same-day overseas transfers at $0 transfer fees with DBS Remit. This content was commissioned by Nikkei's Global Business Bureau. Get 3% cashback on your online purchases with selected DBS/POSB Debit Cards. "DBS will be offering a range of services that will help garner the adoption of the asset class," Matthew Dibb, chief executive of cryptocurrency index fund provider Stack Funds, told Nikkei Asia. Market tracker CoinMarketCap estimates that last year, global daily trading on the world's digital exchanges ranged from $50 billion to $100 billion. Get trusted insights from experts within Asia itself. Forgot User ID or PIN; Frequently Asked Questions; Maintenance Schedule; Security & You "For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading," Gupta said. Click here for details or call (852) 2290 8888. Best Bank in the World 2018, Global Finance DBS Bank overseas money transfer: Fees, rates and transfer time. Guha told Nikkei Asia it was unclear how DBS would generate revenue from its platform, given that the bank has not revealed in detail how the digital exchange will provide a steady stream of income. Singapore bank DBS to launch digital exchange as demand for virtual currencies soar Published Thu, Dec 10 2020 7:24 AM EST Updated Thu, Dec 10 2020 7:31 AM EST The full-service platform uses blockchain, or distributed ledger technology, to allow traders to exchange four currencies -- Singapore, U.S. and Hong Kong dollars, and the Japanese yen -- for four cryptocurrencies: Bitcoin, Ether, Bitcoin Cash and XRP. DBS Bank (previously known as The Development Bank of Singapore Limited) is a bank in Singapore, established by the Government in June 1968.. Alexandra Branch 460 Alexandra Road #02-33/34 Alexandra Retail Centre Singapore 119963 Tel: 1800-111 1111 Fax: 6272 9474 Opening Hours: Other cryptocurrencies such as Ethereum have seen similar rises. Singapore bank DBS starts currency and crypto exchange, DBS' new digital exchange will allow for trading in Singapore dollars, U.S. dollars, Hong Kong dollars, Japanese yen and four cryptocurrencies. © Reuters, DBS is using artificial intelligence and big data to enhance its digital services, using predictive technology to offer investment suggestions to customers, for example. World's Best Bank 2019, Euromoney. Stay ahead with our exclusives on Asia; the most dynamic market in the world. Sign up to our newsletters to get our best stories delivered straight to your inbox. DBS *SCAPE Branch. Check out popular credit, debit and prepaid cards from DBS Bank. The bank spent 4.4 billion Singapore dollars ($3.3 billion) over the past four years on technology and has, in recent months, publicized its investments to the media. Previously it was named as âThe Development Bank of Singapore Limitedâ, before it adopted its present name âDBS Bankâ. The Development Bank of Singapore (DBS) is one of the top banks in Singapore. SINGAPORE -- A digital exchange, which is being touted as the first for trading fiat money and cryptocurrencies with backing from a traditional bank in Singapore, was launched on Friday. "I would say it is more about diversifying their own business," he told Nikkei Asia, noting that the COVID-19 pandemic had weighed on the earnings of DBS and its two local rivals Oversea-Chinese Banking Corp. and United Overseas Bank. Is it unique?". In October, it announced a $5 million series A funding round with investors Draper Associates, XBTO Ventures and 2020 Ventures, which put Unocoin's valuation at $20 million. The Singapore Exchange has taken a 10% stake in the DBS Digital Exchange, and the two will explore opportunities to deepen the liquidity, scale and growth of the city-state's capital markets for digital assets and currencies. Singapore's digital banking license winners -- which include a consortium of super app provider Grab and Singapore Telecommunications, China's Ant Group and Southeast Asia's most valuable company Sea -- can offer services like those of traditional financial institutions such as DBS, but cryptocurrency trading was not on the agenda for the central bank in offering the permits. Global Bank of the Year 2018, The Banker. DBS Singapore. Unocoin, a technology startup based in Bangalore, operates a trading platform that allows for the exchange of the Indian rupee and Bitcoin in India. Enjoy the privileges and benefits of the bank cards from DBS Bank Singapore. Stand to redeem a free healthy snack box! The new exchange is the latest in a series of efforts by DBS to keep up with digital trends. In Singapore, securities trading platform iSTOX, backed by the Singapore Exchange and state investor Temasek Holdings' subsidiary Heliconia Capital Management, enables multiasset issuance of fractionalized securities, such as stocks and bonds, and makes them accessible to investors. Nikkei Inc. No reproduction without permission. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. Login Get Started. DBS; POSB; Wealth Management; DBS Treasures; DBS Treasures Private Client; DBS Private Bank; DBS Vickers Securities; DBS Vickers Online; Institutional Banking; SME Banking; Corporate Banking; Institutional Investors; DBS Group; About DBS; Covid-19 and beyond DBS has received approval in principle from the Monetary Authority of Singapore to operate organized markets for assets such as shares, bonds and private equity funds. POSB. DBS, a leading financial services group headquartered in Singapore, operates across 18 markets. The move enhances the ecosystem for security tokens and positions Singapore as the premier global hub for digitized securities," said Choo Oi Yee, chief commercial officer at iSTOX, after DBS announced plans for its exchange.