Also wins three awards for the first time at Euromoney’s Awards for Excellence 2022 – World’s Best ‘Financial Innovation of the year’,’from Asia Best Bank for Wealth Management” and “Best Bank for hong kong‘, dethroning the 21-year-old longtime winner
SINGAPORE, July 15, 2022 /PRNewswire/ — DBS has once again been recognized as the “Best Bank for SMEs in the World”, reinforcing the bank’s position as a global industry leader in partnering with SMEs to grow and grow their businesses across borders and digitally.
DBS’ latest Global Best Bank for SMEs accolade comes from leading UK financial publication Euromoney, which awarded DBS the title of “World’s Best Bank for SMEs” for the second time since 2018.
Louise Bowmaneditor of Euromoney, said: “DBS has applied its usual digital innovation to the SME space with great success. It’s not just a Singapore history: DBS has more than half of its SME portfolio outside of its head office, and our review period was characterized by impressive growth of India, South East Asia and China.”
Since the onset of the pandemic in early 2020, DBS has relentlessly leveraged emerging technologies to help SMEs, especially micro and small businesses, manage their credit risk. DBS has developed algorithmic models powered by artificial intelligence and advanced data analytics that alert the bank to potential signs of difficulties encountered by SMEs. With these capabilities, DBS was able to successfully identify more than 95% of SME non-performing loans at least three months before businesses began to experience credit difficulties. Of these, more than 80% of borrowers representing more than SGD 700 million in loans, have been avoided risk.
Thanks to its robust credit processes, since 2020, DBS has approved more than 16,300 unsecured loans totaling more than SGD 7 billion to SMEs in Singaporeover 90% of loans going to micro and small enterprises.
Joyce t-shirtGroup Head of SME Banking, DBSsaid: “We are honored and delighted that Euromoney has chosen to once again recognize DBS as the best bank for SMEs in the world. of the pandemic, they are marching towards intensified macroeconomic headwinds, geopolitical tensions and supply chain disruptions. In all operating environments, we will continue to partner with our SMEs to proactively manage their needs cash and liquidity while encouraging them to maintain momentum on their digital transformation and business expansion journeys.”
Euromoney also awarded the World’s Best ‘Financial Innovation of the Year’ award to DBS’ Fixed Income Execution (FIX) marketplace, from Asia first automated digital bond issuance platform where issuers can connect directly with investors on the platform at their sole discretion.
Launched in 2021, FIX Marketplace aims to drive efforts to create a more efficient and accessible capital market through digitalization, thereby creating more inclusive and accessible markets for issuers.
Bowman said, “FIX Marketplace was a classic example of DBS not just waiting for the future, but helping to design it. FIX Marketplace is a milestone in the digitalization of capital markets.”
DBS also won two other awards for the first time – he was nominated from Asia Best Bank for Wealth Management, beating established global peers in private banking; and that of Hong Kong Best Bank, dethroning a bank with an extensive global network that had won the award for 21 consecutive years.
Bowman added: “DBS delivered strong earnings growth in hong kong while established names saw steep drops. Group-wide investments in digital and some smart decisions about sector exposures have paid off for the bank while others have struggled.”
Click here to read the full quotes from Euromoney.
In 2021, DBS won a record number of global accolades, including many first-time wins. Global awards include “World’s Best Bank” and “World’s Best Digital Bank” from Euromoney, “Global Bank of the Year” and the global award for “Most Innovative in Digital Banking” from Financial Times publication The Banker, and “World’s Safest Commercial Bank” of New YorkGlobal finance.