SINGAPORE (Nov 7): DBS Bank has emerged from over 100 international competitors to win ‘Bank of the Year’ titles for both Global and Asia categories at the inaugural Global SME Finance Awards, where the bank was commended for the robust regional growth of its small-medium enterprise (SME) franchise.
The Global SME Finance Awards was held in conjunction with the Global SME Finance Forum and managed by the International Finance Corporation (IFC), which is part of World Bank Group.
In a Wednesday announcement, DBS says its latest achievement marks the bank’s second global award for the year for its SME franchise.
According to the bank, the awards jury lauded DBS for its ability to develop advanced SME products in established markets, which are subsequently adapted for middle income and emerging markets at a low cost.
It also highlighted DBS’s use of digital technology to improve the SME customer experience and expand its customer base in a robust competitive landscape.
"It has been challenging and rewarding to build our SME banking business into one with international stature, and we are thrilled that these efforts are being recognised on a global stage by our international peers,” comments Joyce Tee (pictured in main image), DBS Group Head of SME Banking.
“These wins, alongside Euromoney’s recognition of DBS as World’s Best Bank for SMEs, affirm the importance we place on adapting to changing customer needs,” she adds.
According to the group, DBS today banks around three in five SMEs in Singapore, with the SMSE business contributing to more than a third of the bank’s institutional banking income.