Global Finance names DBS world's best bank

Singapore

DBS Bank has become the first Singaporean and Asian winner of Global Finance Magazine's Best Bank in the World Award, unseating last year's winner ING.

This came after DBS was named Asia's top bank in May, replacing 2017 winner ICBC, in the magazine's annual World's Best Bank Awards.

"To become the Best Bank in the World requires a special combination of safety and innovation in today's rapidly-evolving financial services industry," said Global Finance publisher and editorial director Joseph Giarraputo.

"DBS Bank is pointing the way to the future for the entire industry with its digital transformation, strong financials and good corporate citizenship. South-east Asia's largest bank, and most valuable company, continues to win new customers by using its own technology to make banking simpler and more efficient."

The Global Finance award is the latest recognition of DBS's digital transformation efforts, under a programme that began in 2014.

In July, DBS was named the World's Best Digital Bank and the World's Best Bank for SMEs (small and medium enterprises) by Euromoney magazine.

Recent innovations include Smart Buddy, a smartwatch for primary school students that allows them to make cashless payments and monitor their savings. Last year, the bank also launched a large-scale banking API (application programming interface) developer platform that allows external collaborations for apps.

DBS chief executive officer Piyush Gupta said: "As we seek to reimagine banking, we are gratified by the global recognition of our efforts.

"Receiving the Best Bank in the World award is a great honour and shows once again that Singapore punches above its weight."