DBS Bank has been named the world’s best bank by Global Finance magazine. This is specifically in recognition of the bank’s ability to invest in digital innovation while still maintaining stable operations for its customers. It became the first Asian bank to receive the recognition. DBS’ CEO Piyush Gupta said in a statement the award shows how ‘Singapore punches above its weight’. Among the more recent innovations that DBS has launched is POSB Smart Buddy, a savings and payments program where children use smartwatches issued by the bank. Parents can allocate pocket money for their children and track their spending with a mobile app paired with the watch. While the bank’s digital transformation is more visible in customer-facing roles, Gupta said its support functions, such as marketing and communications, human resource and audit, are also being innovated.
