Deputy CEO
reflections

DBS’ transformation over the last 15 years has been exceptional. Strategic initiatives propelled us from an underperforming domestic franchise to one of the world’s best banks.

Leading the bank’s two customer-facing divisions, Consumer Banking Group/ Wealth Management and Institutional Banking Group, over this period has been an invaluable experience. Operationalising our digitalisation strategy, I learnt early on about the importance of personally owning every digital journey. At the same time, understanding the intricacies of our business and culture has allowed me to build teams that perform at their full potential.

Our achievements speak for themselves. In wealth management, we established the foundations of an integrated wealth continuum and built on our proposition as a safe bank by developing a suite of smart solutions. Today, we have scaled the franchise into one of the region’s largest and most profitable private banks. In institutional banking, we leapfrogged the competition by simplifying the banking journey for customers. We did this by implementing a suite of APIs and digital banking solutions that enabled real-time transactions and powered our customers’ digital transformation journeys.

Looking ahead, we will continue to face uncertainty in the macroeconomic environment and geopolitical landscape, with potential policy shifts that could disrupt supply chains and cause market volatility. We are proactively addressing these challenges.

Internally, we have implemented rigorous stress tests across various risk parameters, as well as leveraged technology to automate processes and improve our agility in responding to changing conditions.

Externally, we have supported our customers by offering bespoke financial advice, innovative hedging and investment solutions, and alternative strategies for managing supply chain disruptions.

Meanwhile, technological developments, particularly generative AI, have already brought about profound changes and will continue to disrupt business models. At the same time, societal challenges continue besetting the world – (i) climate change (ii) demographic shifts (iii) rising income inequality and (iv) issues of trust. The backdrop of uncertainty presents both challenges and opportunities.

To build on what we have achieved, I will characterise the way forward through four Cs – Continuity, Culture, Customer and Connectivity:

First, Continuity. Our overarching vision has been to build the Best Bank for a Better World. Our strategy has been formulated based on the megatrends – of a rising Asian century, digitalisation and sustainability. These will not change in the foreseeable future. Continuity is preserved throughout the organisation, from the Board and senior management to the cadence of our internal rituals of scorecard setting, and the way we manage. This ensures we remain clear in our objectives, builds resilience in our operations and preserves the trust of our stakeholders.

Second, Culture. Being purpose-driven and creating an impact beyond banking is deep- seated in our roots as the Development Bank of Singapore, as well as in POSB’s motto of being “Neighbours first, bankers second”. It is our culture that unites us and drives us to achieve greater heights. In a rapidly changing world, we will need to constantly think about new target operating models, new skills, and new ways of working to stay ahead. Our culture underpins our ability to do so, and ensures that we are ready to reinvent ourselves when needed.

Third, the Customer remains at the centre of everything we do. Our policies and processes have embedded this mindset while pivoting to a horizontal structure has enhanced it. As a result, we can quickly adopt the customer’s evolving perspective and leverage data-driven experimentation to optimise our offerings. This relentless customer focus preserves our relevance. It shapes our ability to deliver future-ready solutions and a differentiated customer experience which ultimately builds trust and wins us market share.

Fourth, Connectivity, both internally and externally, remains a core driver of our business. Externally, we will continue to leverage our extensive regional network and suite of digital solutions to embed ourselves deeper in customer journeys and industry ecosystems. Internally, we will further connect the dots across business units to amplify a holistic one-bank solution. While our efforts have already borne fruit with the rapid growth of high-ROE franchises, there is still a long runway ahead.

In summary, the last 15 years have shaped us into a high-performing, high-returns institution and I am intimately aware of the factors that have made us successful. The ROE we achieved in 2024 is one of the highest among developed market banks. While there are challenges ahead, opportunities abound. The strategic moats we have built mean our successes are not easy to replicate and there is momentum in our business. Our strategic vision will preserve our relevance and ability to stay ahead. As such, we are in a strong position to continue delivering healthy shareholder returns and outperforming peers.