DBS Full Form
What is the full form of DBS?
The Development Bank of Singapore is referred to as DBS. With its headquarters in Singapore, the Development Bank of Singapore, or DBS, is a well-known provider of financial services. The Marina Bay Financial Centre in Singapore's Marina Bay district houses the DBS headquarters. This financial organization was formerly known as the Development Bank of Singapore Limited.
About DBS (Development Bank of Singapore)
With operations in more than 18 countries, Southeast Asia is the Development Bank of Singapore's main market. A financial publication called "Global Finance," which has its main offices in New York, has crowned DBS the "Best Bank in the World" for the foreseeable future. This recognition came to the bank in 2018, and in 2019 it was named "Global Bank of the Year."
History of DBS
The early 1960s marked the beginning of DBS's lengthy career. The United Nations Industry Survey Mission's report is where the concept was first introduced. The idea is credited to the mission, which was led by Dutch economist Albert Winsemius and paid two visits to Singapore in 1960 and 1961. It recommended creating a company to manage the country's industrialisation program. This company would manage industrial parks, offer financing to companies, and attract foreign investment.The Singaporean government announced plans to establish a development bank with public equity investment in April 1968. On August 1st, 1961, the Economic Development Board, or EDB, was created. In July 1968, the DBS was legally founded, and that same year, in September, it was inaugurated.
The DBS has done a lot of development and acquisition work over the years. In December 1971, it was also the first company in Singapore to issue Asian dollar bonds. The bank opened its first office in Singapore's Jurong. The bank entered the worldwide market the same year it opened a branch in Tokyo, Japan. As of 2017, there were reportedly 24174 employees working for the bank. The bank currently provides services such as mortgage loans, insurance, credit cards, retail banking, business finance, wealth management, and private banking.
DBS (Development Bank of Singapore) in India
The Development Bank of Singapore now has 12 branches open in India. Well-known cities like Mumbai, Pune, Chennai, Hyderabad, and others have these branches. Sachin Tendulkar is the bank's brand ambassador in India. The Reserve Bank of India ordered the merger of Laxmi Vilas Bank with DBS, which took place in November 2020. This was the first time the RBI permitted a foreign bank to assist an Indian bank that was having financial difficulties. The anticipated investment by the DBS Indian subsidiary to purchase a 51% stake in Laxmi Vilas Bank was $335 million. The Singaporean corporation has also joined a number of collaborations to expand its business potential in India.
Recent News of DBS
Trading in cryptocurrencies is not permitted in public, according to the Development Bank of Singapore.
Singapore has now been added to the list of countries that forbid their residents from trading cryptocurrencies due to the risky nature of the commodity, the erratic nature of the market, and a lack of regulation. Singapore is regarded as a very desirable destination for bitcoin trading because of its stringent rules. However, due to the recent increase in cryptocurrency transactions, the government has prohibited crypto transactions for the general population. DBS has therefore done the same.
The Development Bank of Singapore promotes social entrepreneurship activities that enhance the zero-waste economy.
As part of its CSR (corporate social responsibility) programmes, the Development Bank of Singapore is establishing itself as a pioneer in supporting socially enterprising firms. As part of its initiatives to support sustainable development and a zero-waste economy, the DBS has launched a variety of projects, including "Do it for the Gram," "Leading by Example," and "Clean Up Act."
Frequently Asked Questions (FAQs)
A worldwide organization providing banking and financial services with its headquarters in Marina Bay, Singapore, is DBS Bank, formerly the Development Bank of Singapore (DBS).
With more than 200 locations across the major Asian nations, DBS Bank is presently a major financial organization not just in Singapore but in the entire continent of Asia. DBS Bank should still be regarded as a Singapore bank since it started out in this region and has its headquarters here as well.
The Development Bank of Singapore was founded at the tail end of 1968, marking the beginning of the DBS banking group. In some ways, the newly established bank served as a spur for Singapore's economic growth in the early years of its independence by offering borrowers loans with advantageous terms.