DBS launches first multicurrency commercial debit card with Visa

DBS, in partnership with Visa, has launched the bank’s first multicurrency commercial debit card. The DBS Business Advance+ Card (BAC+) is tailored to meet the needs of companies at every stage of growth operating in an increasingly globalised digital marketplace. 

This solution is designed to help businesses better navigate market volatility through foreign exchange rate hedging. It also provides savings on overseas transactions and better cashflow management. Additionally, BAC+ is the first commercial debit card in Southeast Asia that enables companies to manage multiple accounts and transactions on a single platform via DBS IDEAL, a digital business banking portal. 

There has been a 30%* year-on-year growth in cross-border e-commerce transactions on commercial cards in Singapore. In view of this, BAC+ was designed to provide three benefits:

- Businesses can leverage DBS’ online foreign exchange capabilities to lock in rates for up to one year in advance. This feature enables them to hedge against erratic foreign exchange fluctuations by making payments in various currencies at favourable rates, providing certainty and greater peace of mind. 

- BAC+ helps businesses save costs with: 

• Zero foreign exchange conversion fees across more than 200 countries and territories. 

• Up to 2%** cashback when they charge at least S$2,000 on select business-to-business transactions. For example, a company that charges the equivalent of S$10,000 a month on overseas business transactions including digital services or subscriptions can save up to S$550 monthly. 

Third, it is the first commercial debit card in Southeast Asia that enables companies to manage multiple accounts and transactions via a one-stop portal, DBS IDEAL. With DBS IDEAL, finance teams can simultaneously track and manage multiple debit card accounts, including checking account balances and managing transactions in real-time. This provides companies enhanced visibility and control over their card expenses.

The bank also launched the DBS StartUp Movement in partnership with ACE.SG and Visa, aimed at fostering a community of support for early-stage enterprises. This initiative offers businesses resources and strategies for optimising cash flow and navigating financial challenges in an increasing volatile market. Additionally, businesses will gain valuable insights into financial planning, budgeting and the path to profitability. 

Koh Kar Siong, Group Head of Corporate and SME Banking, DBS, said: “Cross-border payments have become indispensable for businesses. However, market uncertainty and volatility presents significant forex risk to companies transacting in multiple currencies. The DBS Business Advance+ Card is designed to help businesses navigate these challenges by leveraging the bank’s deep capabilities in digital payments and foreign exchange, as well as our extensive experience in doing business across Asia. It supports businesses at every stage of their growth by enabling them to better manage their cost, giving them greater peace of mind and empowering them to compete more effectively in an increasingly globalised digital marketplace.” 

Adeline Kim, Visa Country Manager for Singapore & Brunei, said: “At Visa, we are committed to supporting small businesses and their digitisation efforts. Based on our data, we’re seeing that slightly over half of all commercial card spend on debit cards are cross- border and there is a clear need to support businesses in managing their foreign currency volatility. We believe that by providing them with the right tools and resources, we can help them thrive in an increasingly digital marketplace. Our partnership with DBS to launch the DBS Business Advance+ Card is a testament to this commitment. With this card, we can continue to support small businesses and empower them to make secure and seamless payments locally and globally.” 

Saurav Bhattacharyya, Chairman, ACE.SG, said: “Partnering DBS as they launch their DBS StartUp Movement and curated digital financing solutions aimed at globally aligned businesses is timely. Access to these financial tools from DBS and Visa, and having the ecosystem come closer together will be integral in helping and supporting many founders, entrepreneurs and businesses scale sustainably in this volatile climate.” 

BAC+ and the DBS StartUp Movement are the latest initiatives in DBS’ efforts to help businesses diversify and transform their operations, including capturing cross-border opportunities. In June, the bank launched the Bridging Business Horizons Programme, with support from the Singapore Business Federation and Enterprise Singapore, to help companies expand into new markets across Asia. 

*Visa’s commercial card spend as of June 2024. 

**From 16 August to 31 October 2024, users earn an additional 1% bonus cash rebate on top of 1% base rebate on selected business-to-business expenses with a minimum spend of S$2,000 per month.

Singtel, DBS attract record number of SMEs for 99% SME Shopping Week

Source: Singtel. Giving the thumbs up to the 99% SME Shopping Week 2017, from left: Ted Tan, Deputy Chief Executive, SPRING Singapore; Yeo Hiang Meng, President, Federation of Merchants’ Association of Singapore; Joyce Tee, MD  & Group Head, SME Banking, DBS Bank; Sim Ann, Senior Minister of State for the Ministry of Trade and Industry and Ministry of Culture, Community and Youth; Andrew Lim, MD, Business Group, Group Enterprise, Singtel and Parminder Singh, Chief Commercial and Digital Officer, Mediacorp. Mediacorp is the official media partner for the event.

Singtel and DBS gave small and medium sized enterprises (SMEs) a boost with the launch of Singapore’s only annual shopping event to rally support for SMEs’ businesses. The third 99% SME Shopping Week was officially launched by the Senior Minister of State for Trade and Industry Sim Ann in the HDB heartlands, at Toa Payoh Central.

This year’s event drew a record 5,500-plus SMEs, more than doubling last year’s 2,600 participants. The 10-day event allows consumers in Singapore to enjoy in-store and online offers and discounts from 20 October to 29 October.

“The growing interest of SMEs to embrace digitalisation reflects the importance of transforming brick and mortar enterprises as traditional businesses face the risk of getting disrupted by innovative technologies,” said Andrew Lim, MD, Business Group, Group Enterprise at Singtel. “This unique event helps to connect SMEs across Singapore so that collectively, we help them to achieve a higher level of consumer awareness and visibility.

“With the advent of the digital economy and online shopping, SMEs can harness the resources of the 99% SME movement to transform and digitalise their operations for greater productivity and market reach. Through the event, SMEs can leverage the marketing resources of the 99% SME movement partners and experience the benefit of going online to complement their brick-and-mortar stores,” he added.

Joyce Tee, Group Head of SME Banking, DBS Bank said: “SMEs are the backbone of the Singapore economy and they are always inspired to innovate for practical reasons as consumption patterns change. In recent years, they have been adopting e-commerce and cashless payment solutions to offer their shoppers greater ease of payment and a better shopping experience. DBS is delighted to help SMEs widen their customer reach by comarketing their products and services to the Bank’s customers. This in-turn allows SMEs to tap into Singapore’s largest customer base and DBS’ customers to benefit from unparalleled discounts only found online during the 99% SME campaign.”

Every S$20 shoppers spend with a participating company during the 99% SME Shopping Week will give them a chance to enter a lucky draw. The top prize is a pair of air tickets to Tokyo. Other prizes include the latest Samsung gadgets, Huawei smart watches and shopping credits worth up to S$100 on the 99% SME eMarketplace, an e-commerce site is hosted by online retailer Lazada. Singtel post-paid mobile subscribers will also enjoy 1GB of mobile data for a month when they spend a minimum of S$9.90 at any participating SME.

The 99% SME Shopping Week caps a year-long series of initiatives to help SMEs transform and digitalise their operations. One of these was Singtel’s partnership with Temasek Polytechnic to help SMEs in traditional trades go online and use digital technology. The polytechnic’s business students have helped more than 150 SMEs to go online, establish e-commerce capabilities and market themselves more effectively.

One of the beneficiaries has been  Singapore’s oldest Chinese restaurant, Spring Court, established in 1929. The students helped the third generation of the founding family to list their offerings on the 99% SME portal to engage a new base of online customers.

Singtel also partnered Nanyang Polytechnic - Singapore Institute of Retail Studies (SIRS) to help SMEs hire digital professionals. This collaboration also benefits professionals who gain re-employment after acquiring new skills for the digital economy. To date, about 500 SMEs have registered their interest to hire digital professionals to help them manage their digital transformation.

Beyond getting SMEs online, Singtel has partnered online retailer Lazada to create the 99% SME e-marketplace for SMEs to engage in e-commerce. About 400 SMEs have registered on the e-marketplace through the 99% SME movement.

For SMEs participating in 99% SME Shopping Week, Singtel has conducted 25 workshops where more than 700 SMEs have learnt to leverage IT solutions, online marketing and cyber security to operate safely in the digital domain.

The 99% SME Shopping Week is organised by the 99% SME movement, co-founded by Singtel and DBS. The movement is named after the fact that SMEs make up 99% of businesses in Singapore. They are also unsung heroes which also employ 70% of Singapore’s workforce and contribute nearly half of Singapore's GDP. The movement helps SMEs become stronger together with a common platform to showcase products and services. The 99%SME eMarketplace, a dedicated portal hosted on Lazada.sg for small businesses to advertise their offerings and reach out to up to 4.5 million visitors a month, is a new feature this year that lets businesses conduct online transactions immediately.

Since its inception in 2015, the movement has been gaining traction and this year added new partners like AXA Insurance, Brother, Far East, Google, Huawei, Lazada, Mastercard and Samsung. The group also counts SPRING Singapore, industry associations, grassroots organisations and polytechnic schools among its supporters.

DBS launches India’s first mobile-only bank

Source: DBS. From left: Sachin Tendulkar, Cricketer, digor 

the digibank mascot, DBS CEO Piyush Gupta.

• Breaks new ground with artificial intelligence-driven Virtual Assistant
• Account-opening leverages Aadhaar, the world’s largest biometric ID programme

DBS Bank, Singapore’s largest bank and a leading bank in Asia, has unveiled digibank, India’s first mobile-only bank. The new type of bank uses technologies like biometrics and artificial intelligence (AI) to enable customers to enjoy a new way of banking.

According to DBS, digibank is completely paperless, signatureless and branchless. Account-opening is done via a network of outlets run by DBS’ partners, including over 500 cafes across India. There is no paperwork involved. Instead, customer authentication is done with the Aadhaar card, a biometrics-enabled ID which has been issued to over 1 billion Indians in what is the world’s largest biometric identification programme.

Other revolutionary features include:

• Customer service provided by a 24x7 AI-driven Virtual Assistant. Digibank customers can converse with digibank’s AI-powered virtual assistant to get their queries answered or banking transactions performed, such as: “What is my account balance?”, “show me past transactions”, “pay Amit 100 rupees”.

Because the virtual assistant understands natural language and has learning ability, it is able to respond in real-time. It can already anticipate and answer some 10,000 customer questions, with new knowledge added every day. In Asia, DBS is the only bank harnessing experimental conversational technology from US-based Kasisto, a spin-off from SRI International which created the technology behind Siri.

• An intelligent, intuitive budget optimiser that helps customers budget, track expenses and analyse purchasing trends. The function is smart enough to understand customer behaviour and preferences, synthesise data, and provide recommendations.

For example, it can make sense of customers’ spending habits to reward them with relevant, contextual marketing offers such as restaurant discounts for a foodie or coffee vouchers for a caffeine-lover. It also studies customers’ spending patterns and prompts them if they are overspending. Conversely, if a customer’s savings regularly exceeds his or her expenditure, digibank will provide suggestions on how to make one’s money work harder.

• Security is enhanced through dynamic inbuilt security, which DBS says is safer than a one-time password (OTP). Instead of receiving OTPs via SMS, and then typing codes into pages to authorise mobile banking transactions. digibank has an embedded soft token for security, avoiding the need to wait for SMSs to arrive and providing even stronger security for transaction authorisation.

As digibank has a more efficient cost structure compared to brick-and-mortar banking, it can offer better client value:

• Account-holders earn 7% interest from the first rupee, one of the highest in the market
• Customers enjoy unlimited free cash withdrawals at over 200,000 ATMs nationwide
• There are no minimum balance requirements
• A physical debit card, which comes with the account, can be used across all Visa-enabled online and point-of-sale transactions, as well as overseas

Said DBS CEO Piyush Gupta, “India’s banking system is at the cusp of massive change, and as a bank committed to shaping the future of banking, we are excited to roll out a revolutionary, mobile-only bank. With digital, we are able to create a completely different customer experience. What’s more, digibank’s efficiencies and lower costs enable us to pass on significant benefits to customers in the form of greater customer value.”

Said Surojit Shome, DBS India CEO, “Among the Singapore banks, DBS has the largest presence in India. This reflects our long-standing commitment and confidence in the market. Over the years, the bank has grown its corporate banking and SME franchise meaningfully. Going forward, we would like to extend our reach in the consumer segment as well. With a billion Aadhaar cards and over 200 million smartphone users in India, the opportunity for growth with digibank is huge.”

Said Nandan Nilekani, co-founder of Infosys and former chairman of the Unique Identification Authority of India, “I have been a great believer that we are now at the ‘WhatsApp moment of banking’, where paperless, presenceless and cashless transactions are going to completely transform the banking industry. I believe digibank using Aadhaar is a great example of what’s to come.”

Said cricket legend Sachin Tendulkar, “With multiple commitments, time is at a premium and every minute matters. The simplicity and ease of digibank encourages customers to live more and bank less. DBS is known for values of being trusted and safe which make them a banking partner of choice.”

Source: DBS. Take a quick peek at your balance with the digibank mobile app.

The news follows the launch of the DBS digibank mobile app in Singapore in late March. The mobile app allows customers to view account balances with a swipe on their mobile devices or Apple Watch. The Peek Balance function does not require any prelogins and any of the user's DBS/POSB deposit or credit card accounts can be specified. The function was created as account balance enquiries are the the most common request across DBS customers across all of the bank’s channels, including ATMs, online services and its call centre.

In addition to the mobile app’s enhanced layout and more intuitive navigation, DBS digibank also offers customers:

• Personalised profile and customised quicklinks

• Payments made easier with a list of recent and favourite payees for faster transactions

• Account opening of an additional banking account with just a few simple steps
• Touch ID – log on to their account securely with fingerprints

Said Pearlyn Phau, Deputy Group Head of Consumer Banking & Wealth Management, DBS Bank, “With increasingly tech-savvy customers and rising smartphone usage, we have designed our digital banking services to be innovative and nimble enough to address customer needs, and be able to provide an intuitive and relevant banking experience. It is about leveraging world-class technology to create a first-class customer experience.”

Said Jeremy Soo, Managing Director and Head of Consumer Banking Group (Singapore), DBS Bank, “As a bank serving close to five million customers in Singapore, we are upping the ante on not just the breadth of our digital offerings, but also on providing a holistic customer experience across our platforms. We do this by placing ourselves in our customers’ shoes, focusing on their needs and ensuring we know what the real ‘customer job to be done’ is. With DBS digibank, we seek to seamlessly integrate banking into our customers’ everyday lives so that banking becomes simpler and fuss-free for them.”

Since its soft launch on 14 March, DBS digibank has seen more than 200,000 downloads. DBS currently has the largest number of online banking and mobile banking customers in Singapore with over 2.5 million and 1.25 million users respectively, who account for over 1.2 million transactions daily across its digital platforms. The bank’s customer mobile activity continues to lead the industry in Singapore and mobile banking accounts for over 60% of the bank’s more than 500,000 daily logins.

In December 2015, DBS also piloted digital account opening for new customers. With just a few simple clicks, new-to-bank customers can open savings accounts at their convenience, without having to visit a physical branch.

Interested?

Download DBS digibank for iOS or Android

Hashtags: #digibank, #digor, #LiveMoreBankLess, #UnbankIt

DBS discloses phone-based phishing campaign targeting Singapore residents

DBS has warned that a phishing campaign is targeting Singapore residents with automated phone calls. With over 4 million customers in Singapore alone the likelihood of scammers locating a DBS account holder is high.

According to a statement on the DBS website, the calls start with an automated voice message in English or Mandarin, claiming to be from DBS Bank and that an urgent message awaits them. The call recipient is then directed to enter “0” or “1”. This connects them to a Mandarin-speaking person posing as a DBS staff member who will claim there were credit cards applied for in their name and that they owe money to a Shanghai company. When the customer states they did not apply for the credit card, the alleged staff member will request personal and/or bank information, or transfer the call to another person who will claim to be a Shanghai police officer and request personal and/or bank information.

DBS advises recipients of such calls not to provide personal or bank information to unsolicited callers. "Never give out any sensitive personal information (including login passwords or one-time passwords) over the phone or via email. Our staff will never ask you for such information," the bank stated.

Interested?

Recipients of such calls and those who have disclosed personal information should inform the DBS customer centre at 1800 111 1111 (in Singapore) or +65 6327 2265 (calling from overseas) immediately.

DBS Marina Regatta packed with fun-filled activities over two weekends

• Fifth edition of Singapore’s biggest watersports fest by the Bay returns with two weekends of races
• Singapore’s only popup urban beach makes a comeback with debut of Southeast Asia’s tallest inflatable water slide
• Brings together collective of emerging homegrown talent

Source: DBS. Concept graphic of the DBS Marina Regatta.

The DBS Marina Regatta is returning with big and bold new experiences on- and off-water. Taking place over two weekends on 28-29 May and 4-5 June, the regatta will witness Singapore and the region’s top dragon boating teams battle it out against the Marina Bay skyline. This year’s event will mark the debut of Southeast Asia’s tallest inflatable water slide, and Singapore’s only popup urban beach will make a comeback. Over 24,000 people attended the event last year.

Other event firsts include the introduction of themed dragon boat races and competitive kayak races. The regatta will also bring together Singapore’s young homegrown talent, featuring up-and-coming artists, musicians, chefs and change-makers across its expansive range of activities.

The DBS Marina Regatta has witnessed rising attendance numbers since its inception in 2012. Said Sim Lim, DBS Singapore Country Head, “As the DBS Marina Regatta grows from strength to strength, we aim to continue introducing even more spectacular experiences at the regatta so more Singaporeans can witness for themselves the endless possibilities of the Bay. We hope the activities we have in store will inspire Singaporeans to take a break from work and school and spend some quality time with their family and friends.”

Watersports in the Bay

Organised in partnership with the Singapore Dragon Boat Association (SDBA), this year’s international dragon boat competition will see an estimated 160 crews and more than 3,000 athletes from the region gathering on the waters of Marina Bay to compete for cash prizes totalling S$230,000 – the highest for the sport in Asia.

Dr Chia Shi-Lu, President of the SDBA said, “It’s been immensely gratifying to see how much the dragon boating community has grown both in Singapore and the region over the years, and the support from DBS has been instrumental in this. DBS Marina Regatta hosting the SEA Games dragon boat races last year was a pivotal moment, bearing testament to the great strides DBS has made in elevating the sport locally and across the region.”

To further broaden the appeal of dragon boating to the masses, DBS Marina Regatta will introduce three themed races:

• Singapore’s Finest Paddle-off! – For current or past national athletes

• Society Gladiators – For participants involved in Singapore-based voluntary welfare Organisations (VWOs) or Non-Governmental Organisations (NGOs)

• Prime Warriors – For participants above 45 years old

On 3 June 2016, the regatta will be hosting a kayaking competition for the first time. Held in partnership with the Singapore Canoe Federation, the new kayak fiesta will be open to anyone from kids to competitive paddlers to the physically challenged.

Event-goers will also get to try out kayaking or sailing in the Bay during the two weekends with DBS’ 18-m tall Swedish Match 40 sailboats – the first of its kind in Asia. The sailboats were brought in last year as part of the DBS Marina Bay Sailing Programme, which has been offering the public complimentary sailing sessions in the Bay since 2013.

Slide meets beach

Singapore’s one-and-only popup urban beach will host non-stop activities. In the day, the beach pool will hold standup paddling and standup yoga sessions for board sport enthusiasts. Near the beach, event goers can also get in some fun while contributing to a good cause by tackling Southeast Asia’s tallest-ever inflatable slide – a 16 m, four-storey tall callback to the Big Splash. With unlimited rides available for a single entry fee, all proceeds raised will go to SPD, an organisation that helps people with disabilities develop their potential to the fullest so that they can be self-reliant and independent.

The regatta will also bring together a collective of homegrown talent. Situated along the beach, the regatta’s artisan market will offer unique, handmade pieces by Singaporean artists and craftspeople. The stores will be housed in refitted shipping containers that double as viewing decks by night. Over at the food village, local chefs will serve up fusion meals, with dishes such as salted egg yolk fries and chilli crab ‘man tous’.

In the evenings, the viewing decks will make for a breezy al-fresco setting for sunset beach concerts, featuring a lineup of Singapore’s up-and-coming musicians.

“The hardest part about being a musician is answering questions. We’ve been so conditioned to think of music as fluffy entertainment reserved for the lucky ones who have the means to engage in such an activity, and questions that we receive usually fall along those lines. The history of music is not a history of break up songs. At the DBS Marina Regatta, question us about society, politics, people, we'll be waiting for them.” – Mark Tan, the lead vocalist and keyboardist of @themadhatterproject. What is your opinion on music? Come on down to the DBS Marina Regatta and catch The Madhatter Project at our sunset concert on 4 June! You may also get a chance to mingle with the musicians! For more information, please visit www.dbsmarinaregatta.com. (Link in bio) #dbsmarinaregatta

A photo posted by DBS Marina Regatta (@dbsmarinaregatta) on May 3, 2016 at 7:41pm PDT

Encouraging a social consciousness

Back by popular demand is Paddle for Good, which simulates a dragon boat race, but on land, with the use of indoor ergometer machines. This year, Paddle for Good will invite people to attempt the ergometers while challenging the use of their physical abilities so they can experience first-hand what athletes with disability face. For those who successfully complete the challenge, DBS will make a donation to a VWO that supports persons with disabilities. Last year, the initiative raised more than S$150,000 for its beneficiaries.

As part of DBS’ continued efforts to champion the development of the social entrepreneurship sector to build a socially-conscious society, a selection of social enterprises under Asia for Good by DBS Foundation will feature in the artisan market and food village. The Asia for Good lifestyle portal raises the profile of social enterprises in the region with the belief that consumers have the power to create positive change.

Bringing the Bay to the people

The DBS Marina Regatta is part of the bank’s continuing efforts to engage the community and to share the vibrancy of Singapore's new financial downtown with the general public. DBS/POSB initiatives such as the DBS Marina Bay Sailing Programme, POSB PAssion Run for Kids, and other complimentary cycling and yoga activities have attracted more than 60,000 people to the Bay.

Hashtag: #DBSMarinaRegatta

DBS adds integrated health management portal to help employees stay well

Source: DBS. To launch iHealth@DBS, employees were invited to participate in a mass workout at DBS Asia Hub.

DBS Bank has launched an integrated health management portal, iHealth@DBS, to further promote a culture of wellness among its employees. The one-stop platform aims to drive long-term behavioural change among staff via interactive engagement on digital platforms including mobile and wearables.

iHealth@DBS is the latest addition to a holistic suite of wellness benefits available to DBS employees. The perks include a robust portable medical insurance scheme and flexible health benefits that empower staff to actively manage their health and wellbeing.

According to the National Health Survey conducted in 2010, around 40% of Singaporeans are overweight, as indicated by their body mass indexes (BMI). In addition, almost one in two Singaporeans suffer from borderline high or high cholesterol. On the back of this trend, DBS wants to further encourage staff to take charge of their health and lead a lifestyle that keeps illness at bay.

Further, The Tower Watson Staying@Work 2013/2014 Asia Pacific report found that corporations that have well-executed health and wellness programmes show lower absenteeism rates and 39% improvement in overall employee performance at work. Through an internal study, DBS found that having healthier employees has resulted in greater productivity and cost savings, which in turn increases the bank’s ability to invest in employee health and present staff with better and more flexible health benefits.

Cheong Meng Foong, Group Head of Rewards at DBS, said, “DBS takes a long-term view to employee health as we aspire to be the employer of choice. Over the last three years, we’ve adopted a holistic approach to keeping our staff healthy. In addition to providing health benefits, it is also important to drive behavioural change by making it easy for employees to integrate healthy living practices into their everyday lives. iHealth@DBS is designed to empower employees to focus on health initiatives that are most applicable to their lifestyles.”

All 21,000 employees across the bank’s six key markets now have individual iHealth accounts, which provide customised information that address their nutritional, social, physical and financial health needs. iHealth@DBS also makes use of data analytics to help staff formulate plans to reach specific fitness goals. Used together with fitness trackers, this helps employees monitor their nutrition, sleeping patterns and physical activity.

To kickstart this lifestyle change, the bank has launched its inaugural iStep Challenge – where employees are encouraged to form teams and compete to see who can clock the most number of steps in ten weeks. Close to 30% of DBS staff have signed up for this challenge. With the push to make healthy living fun, the bank is riding on the increasing popularity of wearables, and has provided FitBugs to participating employees to make it simpler for them to track their progress as they embark on a healthier lifestyle.

iHealth@DBS is, however, just one of the many initiatives the bank has undertaken to promote a culture of healthy living amongst staff. Since 2011, the bank has provided free annual health screenings for all employees, which helps in the early detection of diseases. These also allow DBS to identify health trends and come up with measures to proactively help employees safeguard against potential health issues.

With the push for companies to adopt portable medical solutions, DBS is one of the first to offer the “Shield Companion Plan” – a game-changing medical plan that complements its employees’ portable enhanced MediShield Plan, reducing duplication of medical coverage. Under this scheme, the bank pays a certain amount into their MediSave accounts to subsidise their portable medical plans premium.

In addition, employees also have an iFlex account – a flexible spending account provided by the bank every year which can be used for benefits customised to each employee’s personal preferences. Staff can use their iFlex dollars on a variety of items relating to health and wellness, and work-life balance for themselves and their family. These can include dependent medical, vision care, health screening, dental expenses and even travel expenses.

DBS introduces enhanced paternity leave scheme in Singapore

DBS Bank will be implementing the enhanced paternity leave scheme in Singapore in line with the call by Prime Minister Lee Hsien Loong to extend paternity leave during the National Day Rally of August 23. The scheme, announced August 26, allows new fathers in the bank to take two weeks of paternity leave with retrospective effect from January 2015. 

Said Cheong Meng Foong, DBS Group Head of Rewards, “At DBS, people are our most important resource and we have always sought to support them in various ways. The enhanced paternity leave scheme will be a welcome addition to our suite of family-friendly programmes, aimed at promoting work-life balance for our staff. We hope that through these, employees will have more flexibility to better balance their family needs and careers.”

Apart from increased paternity leave, the bank already offers various employee benefits aimed at allowing staff to spend more time with their families and to pursue their interests. For example, the bank’s flexible working arrangements enable employees to choose working hours that best meet their individual needs and provide them with the option of working from home. On Fridays, staff can end work at 5pm and they are also entitled to a half-day birthday leave during their birthday month.

Staff also have a flexible spending account which they can use to fund health and wellness related expenses for the entire family. These are on top of industry standards such as paid childcare and family leave, which are in addition to bank employees’ annual leave.

Over the years, DBS Bank and the DBS Staff Union (DBSSU) have worked closely together to enhance staff benefits and to build a better workplace. Nora Kang, President of DBSSU said, “The initiative was announced at the DBS Staff Union 5th Delegates Conference. The union is glad that DBS is able to introduce the enhanced paternity leave scheme in such a short time. By being an early adopter of this national scheme, DBS shows itself as leading the way in staff welfare. We hope this will encourage more companies to step up in support of national efforts to strengthen family-friendly work environments.”

DBS receives NTUC Women's Development Secretariat SG50 Special Award

DBS has received the NTUC Women’s Development Secretariat (WDS) SG50 Special Award in recognition of its dedicated flexible working programme and employee support schemes designed to help staff better manage their time and balance their professional and personal needs. 

Said Cheong Meng Foong, Managing Director, Group Human Resources – Reward: “We adopt a holistic approach in creating a workplace where employees feel empowered, connected and valued. As a company that has a diverse workforce, we understand that our employees will have different needs at various phases of their lives and have put in place a number of initiatives to encourage staff to take charge of their career progression and to promote greater work life integration.”

Instead of adopting a one-size-fits-all policy, DBS offers staff benefits that meet different needs. These include:

- Flexible work arrangements

- Staff loans that generally offer better terms than commercial loans, helping staff who are looking to set up their homes make their first home in the early years of their careers

- Re-employment at 62 on terms that are better than tripartite guidelines and industry norms in Singapore

- Free health screenings for all our employees, which at the same time helps DBS understand any possible health issues of its population for more targeted intervention

- Being the first to pioneer the “Shield Companion” Plan - a medical plan that complements employees’ portable enhanced MediShield plan, reducing duplication of medical coverage. The bank also pays a certain amount into their MediSave accounts to subsidise their portable medical plans premium.

Joyce Chua, DBS Assistant Vice President, Corporate Trust & Fund Services, has benefitted from the bank’s flexi-work arrangements. “DBS’ flexi-work scheme has given me the opportunity to spend more quality time with my three teenage children. I was a full-time stay-at-home mother for about three years before deciding to join the workforce again. Under the bank’s part-time work arrangement, I managed to work out an arrangement that would allow me to work four full days a week instead of the standard five-day working week. This made the transition back to work easier for me," she said. 

"Now that I have a day off during the week, I am able to have a longer meal with my children on a weekday, and they will in turn share with me what is happening in their schools and the different problems they face – something that I think would not be possible if I had less time. Through this, I also get to know their friends better. What makes this all possible are my supportive managers and colleagues, who understand the situation I’m in, and whom I know will step up to help me in a heartbeat.”

One of DBS' flexi-work arrangements is Flexi-Time. While official working hours are from 8.30am to 6.00pm, full-time employees may choose their starting and finishing work hours  provided they complete a stipulated number of hours. For example, staff can commence work an hour earlier at 7.30am and end the day at 5.00pm, or commence work an hour later at 9.30am and end the day at 7.00pm. Line managers are encouraged to schedule meetings during the core working hours between 9:30am and 4:30pm.

Employees may also consider part-time work - fewer fixed hours per day or fewer full days per week - or to take unpaid leave beyond their earned annual leave entitlement period. This arrangement is highly valued by employees, especially in cases where they wish to follow their spouses on overseas assignments or do overseas volunteer work for a few months.

Two DBS employees also won awards in the Most Supportive Colleague category: Samantha Lau, Assistant Vice President, T&O-SG-Customer Centre, and Delia Tan, Analyst, T&O-SG-Customer Centre.

DBS boosts innovation with new twist to hackathons

Source: DBS. Participants brainstorm on ideas to tackle business challenges.

DBS has found a way to have both startups and its own employees benefit from hackathons. At the DBS MegaHackathon last week, the bank brought together 150 DBS employees and startups from around the region to tackle business and societal challenges, making DBS the first organisation in Singapore to build hackathons into its talent development programme, with employees creating prototypes alongside startups.

This initiative by DBS is driven by a desire to create a more digital mindset among its employees. The hackathon serves as a sandbox for employees to experiment like a startup, utilising lean startup methodology and human-centred design to identify and act on opportunities quickly. It also provides startups with the opportunity to interact with like-minded peers, understand business realities and showcase their capabilities.

Today, technology drives 99% of DBS’ interactions with its customers, and with more financial technology companies (fintechs) entering the traditional banking space, the digital agenda is a key priority for the bank. In addition to building technology infrastructure to support a more nimble organisation, DBS is also focused on making sure staff embrace innovation.

Said Dave Gledhill, Head of Group Technology & Operations at DBS: “Our industry is seeing an unprecedented pace of change and if we wish to remain relevant to our customers, our employees must embrace a culture of innovation and be intrapreneurs. At events such as the DBS MegaHackathon, our employees and startups can benefit from each other’s knowledge and expertise, as well as have a cultural exchange. 

"This fresh approach to hackathons has generated a number of viable working prototypes for the bank. We believe it will also help shape the startup ecosystem in Singapore by creating business opportunities for them.”

By making innovation a key focus of its talent development programme, DBS is also equipping its employees with skills and knowledge to shape the future of banking.

Said Lee Yan Hong, Head of Group Human Resources at DBS: “We are committed to providing opportunities for our employees to learn, develop and excel in their careers. As the bank embarks on its digital journey, it is essential for us to innovate and find new ways to groom the next generation of digitally-minded leaders through exposure, education and experiential learning.”

The five-day DBS MegaHackathon took place from 23 to 27 March at Block 79, Ayer Rajah, part of the newly expanded JTC Launchpad @ One-North startup cluster. The event kicked off with a two-day workshop to help DBS employees adopt a digital mindset and an outside-in approach to the customer journey. This was followed by a three-day hackathon where bank staff and startups teamed up to create 19 prototype mobile apps to better engage customers in an increasingly mobile world.

Judges at the DBS MegaHackathon included DBS CEO Piyush Gupta, DBS Chief Innovation Officer Neal Cross, DBS Head of Group Human Resources Lee Yan Hong and Venture Capitalist Jeffrey Paine. The three winning startups walked away with prizes of S$8,000, S$6,000 and S$4,000 respectively, while the rest were awarded S$2,000 each.

First prize winner BuUuk created iWealth, a 'go to' financial tool for those looking to grow their wealth. The mobile app enables learning through gamification, social sharing and engages customers with real rewards via the DBS iWealth website. 

“The DBS MegaHackathon provided a unique mix of perspectives and expertise required to tackle the challenges presented. We learnt to apply human-centred design to business solutions and learnt the importance of leveraging customer insights throughout the product creation process. As a startup, we’re always on the lookout for new ideas to work on, and the DBS MegaHackathon was an excellent platform for experimenting,” said Muh Hon Cheng, Co-Founder, BuUuk.

First runner-up QRInno worked on ShareCare, an app which connects caregivers to a support network that includes peers, social enterprises and other healthcare organisations. Through the mobile app, they can lend support to each other and achieve a better quality of life. 

“As a startup, it is important for us to collaborate with industry leaders like DBS if we want to truly make a difference. The DBS MegaHackathon was unique in the way it brings internal stakeholders and external collaborators together, and boosted the team’s overall expertise. The exposure to mentors and senior management from DBS was also a bonus. We look forward to exploring a mutually beneficial partnership with DBS in the future,” said Peter Shu, QMARGO Consultants Aggregator at QRInno. 

Eco Bear was the second runner-up, developing DBS Delight, an app to increase staff engagement, help staff embrace digital trends and use their time more efficiently. In addition to providing staff with access to work applications via their mobile, the app also makes performing HR functions such as leave application and claims management much simpler. 

“The DBS MegaHackathon is very different from a normal hackathon. Normally, we come in with an idea and just build that over 24 to 56 hours. This time round, we have to work with DBS staff on a blind challenge while getting them to think like a startup. It was an interesting experience and I learnt how to engage people outside of the startup community. It is really cool to see the team transform to come up with a winning idea,” said Jason Sigmon, who is part of the Eco Bear team.

DBS named one of the world's top 25 companies for leaders by Aon Hewitt

DBS Bank has been recognised as one of the world’s top 25 companies for leaders by Aon Hewitt. Ranked 18th in The 2014 Aon Hewitt Global Top Companies for Leaders, the bank is the top ranking Singapore-based organisation that was named to the list. DBS is also named a winner of The 2014 Aon Hewitt Top Companies for Leaders in South East Asia.

Said Lee Yan Hong, Managing Director of DBS Group Human Resource: “As a bank born and bred in Asia, DBS believes in building a strong pipeline of leaders who will help shape the future of banking. We have a comprehensive programme in place that helps identify and groom the next few generations of leaders across the bank. We are pleased to be recognised as one of the top companies for leaders globally. To be the highest-ranked Singapore-based company on the list is a further testament of our talent development strategy.”

Winners of The 2014 Aon Hewitt Global Top Companies for Leaders were selected and ranked based on a number of criteria, including strength of leadership practices and culture, examples of leader development on a global scale, alignment of business and leadership strategy, company reputation, business and financial performance.

DBS’ talent development strategy is centred around grooming talents to meet current and future business needs, including succession planning for key leadership positions. The bank has a programme in place to identify and engage talents at different levels across the bank. Its talent pool comprises young talents to senior professionals who are offered a differentiated development experience and training roadmaps based on needs and career aspirations at each stage.

Through the bank’s internal mobility programme, talents are mobilised to work on key projects or rotated into roles in DBS’ six key markets, enabling them to gain greater exposure, knowledge and experience. Every year, one third of talents leverage these mobility opportunities to gain a broader perspective and in-depth knowledge of the bank.

To ensure a holistic development experience, these future leaders also participate in talent conferences, external programmes, mentoring or coaching. Through these development opportunities, they are able to build a strong network with their peers.

In order to continually innovate and position itself as the Asian bank of choice, it is also important for the bank to achieve corporate diversity among its talent pool. In addition to hiring talents from non-banking background, the bank also hires more than 200 new graduates from a range of backgrounds and disciplines through its six talent programmes for recent graduates.

With technology rapidly changing the way people interact with banks, the diversity in its leadership talent pool helps DBS identify and act on opportunities to shape the future of banking. To help leaders make a mindset shift, the bank organises innovative learning experiences such as hackathons that encourage them to adopt an outside-in perspective. These mindset changes led to the development of banking services such as DBS PayLah!, an mobile wallet application for peer-to-peer payments in Singapore.

Lee added: “As the digital banking evolution continues to unfold, it is important to ensure that our leaders are well-equipped with the knowledge and skill sets to identify and act on opportunities and threats. By bringing talents with different expertise together, we are able to create even greater value to our customers.”

“In today’s complex and unpredictable business landscape, Top Companies for Leaders are passionate about cultivating resilient and engaging leaders who take the time to know and develop their talent and understand what experiences they need to rise above the rest,” said Pete Sanborn, Aon Hewitt Global Talent practice leader. 

Conducted six times since 2001, The Aon Hewitt Global Top Companies for Leaders study is a comprehensive analysis of talent management and leadership practices of organisations around the world. This year, nearly 180 companies from North America, Europe, Asia-Pacific and Latin America participated in the study.

SMEs, consumers to benefit as banks ramp up on innovation

Small businesses and bank customers now have more innovative choices for banking. Selected financial institutions in the Asia Pacific region received Financial Insights Innovation Awards (FIIA) at the Asian Financial Services (AFS) Congress 2014 in Singapore in late February in recognition of their innovation and creativity in fulfilling business objectives:

AllianceBank Malaysia is Asia's Most Customer Friendly Bank for its BizSmart Academy initiative. The Academy combines business education, coaching and seed funding to young SMEs and reaches out to both existing customers and the wider business community. 

The bank offers business education and training to customers through a structured year-long curriculum covering various management, business and finance topics, and also backs an annual SME Innovation Challenge through which high potential SMEs benefit from a two-month training and coaching programme, after which one winner receives RM250,000 to implement their business ideas. 

The Academy also features an online resource of tools and information for entrepreneurs.

Alliance Bank picked up Asia's Best Online Banking award as well for a customer-centric Online Banking solution for the business segment, along with other innovative products such as the Picture Business Credit Card and value-added propositions in the form of business education for SMEs and collaboration platforms.
 

CIMBBank has Asia's Best Payments & Remittance Service

OctoSend via CIMB Clicks service was launched on 23 August 2013 in Malaysia. This feature allows the bank’s customers to send money to anyone using only their mobile number or email address, taking away the hassle of remembering lengthy bank account numbers. This service can be accessed online, via the CIMB Clicks App and through OctoPay, the bank’s Facebook banking application.

Asia's Leader in Smart Banking is Cathay United Bank

Cathay United Bank's Agile Marketing Transformation programme is geared towards enabling more relevant relationship marketing initiatives more quickly. It uses predictive modelling to better align the right product to the right customer, adds greater automation, and leverages on analytics-backed enrichment of new customer data.

DBSBank received the Asia's Best Branch Banking award

Transformed DBS branches deliver an easy and convenient banking experience for its customers that is enriching, educational and entertaining through breakthrough banking infrastructure and technology.

DBS (Hong Kong) Bank, a branch of DBS Bank, provides Asia's Best Mobile Banking

DBS mobile app advertised in Singapore

At DBS Hong Kong, the DBS Online Loans Centre offers automated online straight-through loan application processing, where consumers can use either a desktop computer or smartphone to complete their application and obtain results within minutes, thereby saving time and providing added convenience for consumers.

The annual FIIA by IDC Financial Insights are given to top Asia Pacific financial institutions that have demonstrated innovation and creative thinking in the areas of customer engagement, product development, process reengineering or risk management to fulfill their business goals.