DBS named ‘World’s Best Bank’ by Euromoney

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • DBS Bank, which is based in Singapore and offers a variety of cross-border payments services to its clients, has been named the ‘World’s Best Bank’ in a contest run by Euromoney.
  • It comes after the firm managed to preserve its earnings position during the coronavirus pandemic while also offering a number of community services.
  • “Of all the banks we cover worldwide, DBS was the one that most clearly demonstrated a rare skill: not just surviving a crisis, but using it as a chance to innovate and to be a better bank,” said Euromoney’s editor.

DBS, a bank in Singapore that is known for its cross-border payments offering, has been named the ‘World’s Best Bank’ following an extensive competition.

The bank has now claimed the title in various competitions for four years in a row.

The award was given by UK-based financial news publication Euromoney, which has given DBS the title once before.

The bank was also named as the ‘World’s Best Digital Bank’.

DBS is now the first bank in the world to have been assigned both titles at the same time.

The awards were given out as part of Euromoney’s 2021 Awards for Excellence scheme.

It comes after DBS made a decision during the coronavirus pandemic to approve five-figure collateral-free loans for its customers.

It also offers loan moratoriums for various corporate customers.

DBS also collaborated with the Singaporean government as part of a scheme to help distribute government funds.

In terms of its own growth, the bank underwent a number of acquisitions, including an amalgamation with Lakshmi Vilas Bank.

In a statement, the editor of Euromoney said that DBS had a “rare skill” when it came to addressing the effects of the coronavirus crisis.

Louise Bowman remarked that the bank had shown both “profitability” and “fortitude” in recent years.

“Of all the banks we cover worldwide, DBS was the one that most clearly demonstrated a rare skill: not just surviving a crisis, but using it as a chance to innovate and to be a better bank,” she said. 

She added that its digital approach was a strong one.

“As well as fortitude and profitability, it showed opportunism and smart thinking, all underpinned by its digital leadership.”

The chief executive officer of DBS said that the bank was “honoured” by the development.

Piyush Gupta pointed out that the firm had been able to support people while also still making strong earnings.

“We are honoured that Euromoney has chosen to recognise us as World's Best Bank and World’s Best Digital Bank once again,” he said.

“In a difficult pandemic year, we are heartened that we have been able to strongly support customers, employees and the community, while delivering a resilient set of earnings.”

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