Customers who use mBanking are protected by DBS Bank`s money-safe guarantee. The bank has promised refunds for unauthorized transactions. [31] It is Southeast Asia`s largest bank by assets and holds dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity investments and debt raising in Singapore and Hong Kong. On April 15, 2010, DBS Bank launched the mBanking mobile banking service for DBS and POSB customers. It allows customers to check their bank and credit card accounts, transfer money and pay their bills via their mobile phones. Customers must download an app from the Google Play Store or iTunes App Store by searching for dbS mBanking or POSB mBanking to use the service. DBS began operations in Greater Hong Kong in 1999 with the acquisition of Kwong On Bank from the Leung family and Japan`s Fuji Bank and renamed it DBS Kwong On Bank Limited. It acquired Dao Heng Bank (and its subsidiary Overseas Trust Bank) in 2001. The three banks were later merged under the trade name DBS Bank (Hong Kong) Limited.
The Bank was established by the Government of Singapore on 16 July 1968 to take over the industrial financing activities of the Economic Development Board.[12] In 1960, the Government of Singapore invited a United Nations (UN) Industrial Survey Mission to assess the economic situation in Singapore and develop an industrialization program for the city. [13] The proposal included the creation of a development bank as well as an economic organization to attract foreign investment and finance and manage business parks. The Bank was established in July 1968 and began operations in September of the same year. [12] In 2012, DBS introduced a next-generation ib secure device as part of the industry initiative for an even more secure online banking experience. The device has stronger authentication features and provides users with an extra layer of security against fraudulent activity and potential threats. [29] With branches in 17 markets, the bank has a regional network that includes more than 250 branches and more than 1,100 ATMs in 50 cities. [7] The Bank was established by the Government of Singapore on 16 July 1968 to take over the industrial financing activities of the Economic Development Board. Today, its more than 100 branches can be found throughout the island. DBS Bank is southeast Asia`s largest bank by assets and among asia`s largest banks with total assets of S$518 billion out of S$31 billion.
December 2017. It holds dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt raising in Singapore, Hong Kong and Taiwan. The majority shareholder of DBS Bank is Temasek Holdings, Singapore`s second largest sovereign wealth fund (after GIC). As of March 31, 2018, Temasek held 29% of DBS shares. [5] DBS Bank Ltd is a Singapore-based multinational banking and financial services company headquartered in Marina Bay, Singapore. The company was known as The Development Bank of Singapore Limited before the current name was adopted on 21 July 2003 to reflect its changing role as a world bank. [4] Beginning in late 2006, the bank began providing its online banking customers with a two-factor authentication device to thwart phishing attacks. The DBS iB Secure Device is a hardware device with a keychain form factor that generates a password associated with the login name. The password changes every sixty seconds and is used once, is no longer valid.
The institutional code of DBS is 7171. DBS is headquartered in the commercial capital Mumbai and operates through a network of 33 bank branches in 22 cities in India such as Bangalore, Chennai, Cuddalore, Hyderabad, Kolhapur, Kolkata, Coimbatore, Moradabad, Indore, Mumbai (Andheri, Nariman Point), Nashik, New Delhi, Noida, Gurugram, Pune, Salem, Surat and Vadodara. [20] DBS India held a 37.5% interest in DBS Cholamandalam Finance, a non-bank financial institution, and in April 2009 transferred its shares to parent company Tube Investments of India Limited, thereby terminating its shareholder agreement with Cholamandalam DBS. On the 17th. In November 2020, the Reserve Bank of India ordered Lakshmi Vilas Bank (LVB) to merge with DBS India after LVB imposed a 30-day moratorium. [21] DBS has a total of 2.4 million Internet banking users in Singapore in 2013. [30] DBS was first present in Taiwan in 1983. In May 2008, DBS integrated Taiwan`s Bowa Bank into its operations after acquiring Good Bank Assets in February. There are 40 outlets across the country, half of which are based in Taipei. In December 2006, DBS Bank received approval from the China Banking Regulatory Commission (CBRC) to prepare for local establishment in mainland China. DBS is the only bank in Singapore out of nine foreign banks to have received this approval. In 2010, it was also the first bank in Singapore to issue UnionPay debit cards in mainland China.
DBS has a 99% subsidiary, PT Bank DBS Indonesia, with 39 branches and sub-branches in 11 cities.