DBS Bank or DBS Bank Limited is a multinational banking and financial services corporation based in Singapore. It is headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. DBS bank’s full form is the Development Bank of Singapore. It is shortly known as DBS to make its emergence as a global rank since its adoption on 21st July 2003.
It ranks among the top major banks of Singapore, United Overseas Bank (UOB) and OCBC bank. If you regularly follow the crypto news then you must have been familiar with the DBS Sandbox partnership. Sandbox is known to be a metaverse gaming platform based on blockchain technology. This initiative has been taken for the development of new services in the 3D virtual environment employing digital avatars.
When was DBS Bank set up?
DBS Bank is listed on the Singapore exchange. Now knowing about when it got set up, it was long ago in 1968 on July 16. It was done to take over the industrial financial activities from the Economic Development Board. At present, it has around one hundred fifty branches throughout the country. DBS is known to be the most popular Southeast Asian bank as per assets, and it also stands among the largest Asian banks comprising a total asset of US$501 billion in 2019 on December 31st. It has a dominant position in consumer banking, markets, treasury, asset management, debt fund-raising, securities brokerage, and equity in other regions beyond Singapore. These include South Korea, Taiwan, Indonesia, and Hong Kong.
Since 2018, DBS has been on the list of the Dow Jones Sustainability Asia Pacific Index since 2nd October. This makes it the first Southeast Asian bank to reach this status. It has been one of the earliest Singapore-based companies to be famously known for gender equality efforts with City Developments Limited in the first Bloomberg L.P. Gender-Equality Index (GEI) which got published in 2018. It has operations in seventeen markets. The bank even has a regional network comprising three hundred branches and 1,250 ATMs across fifty cities overseas.
A brief history of DBS bank
DBS bank laid its foundation in1968 on July 16th by the government to overtake industrial financial activities from the Economic Development Board. The main objective behind this Singaporean bank was to facilitate loans and financial aid to the industries of processing and manufacturing. Plus, it also intended to establish and upgrade the present industries in Singapore.
Long ago in 1960, the government came up with an invitation for a United Nations industrial survey mission with the motive to assess the economic situation in Singapore and come up with an industrialization program for the city. The proposal included setting up the development bank with an economic body to drag foreign investments and facilitate financing and management of the industrial estates. The bank was integrated in 1968 and started its operations in the same year in September.
So this is all about the DBS bank, one of the largest Southeast Asian banks. It is a popular bank known after United Overseas Bank (UOB) and OCBC bank in Singapore. To further know about the partnership between DBS and Sandbox, log on to the Cryptoknowmics website. Here you can read more about it.