To protect our customers from new scam typologies, we rolled out new security measures that can thwart malware threats and enable customers to lock up their accounts. These measures add to existing safeguards, including surveillance and monitoring systems enabled by artificial intelligence and machine learning (AI/ ML). We also worked with ecosystem partners including the Singapore Police Force to dial up customer education through various digital literacy and fraud prevention community programmes.

Amid rising interest from ultra-high net worth families to set up family offices in Singapore, DBS Private Bank launched the world’s first bank-backed multifamily office that leverages Singapore’s Variable Capital Company structure. The programme offers clients the option of managing their wealth in Singapore without the need to establish a Single Family Office. Clients can also access a full suite of services including investment management, trade execution and custody solutions via a single integrated platform.

We continued to leverage data analytics and AI/ ML to deepen our engagement with customers. In 2023, we engaged 8.6 million customers across the region via personalised nudges, guiding them towards better investment and financial planning decisions.

We expanded our consumer finance business by working with 11 ecosystem partners in various markets outside Singapore. They include Kredivo, JD.com and Cred. The volume of loans disbursed across these markets grew 118% to SGD 3.4 billion.

We continued to drive cross-border digital trade transformation across the region. In August, we successfully completed the first live interoperable electronic bills of lading transaction between Singapore and India. The transaction was implemented under the TradeTrust framework, an initiative by the Infocomm Media Development Authority and supported by Enterprise Singapore.

Our digital capabilities enabled us to grow real-time payment volumes by more than 50% compared to 2022. Active commercialisation and regionalisation of new cash management products and services enabled us to capture over 1,000 new cash management mandates regionally.