As Taiwan’s largest foreign bank by assets, DBS has taken significant strides to help propel the financial sector, demonstrating a robust commitment to the Taiwan market. The bank is not just a financial institution but a progressive and community-oriented entity.

In August 2023, DBS completed the acquisition of Citibank’s consumer banking business in Taiwan. Taiwan General Manager and Chief Executive Officer Sier Han Ng has been instrumental in orchestrating the successful integration.

“Since we announced the transaction back in 2022, we have been working toward a seamless transition of the two businesses,” says Ng. The successful completion of this project has propelled DBS Taiwan to the forefront of Taiwan’s banking industry, with a banking customer base exceeding 1.1 million and a significant increase in loans, deposits, and investment assets.

“Our efforts always connect to our brand promise – Live more, Bank less,” says Ng. “We aim to use the least amount of time to get your banking needs done.” This approach is not just a motto but a commitment to simplifying banking processes and enriching customers’ lives, he adds.

DBS’s integration strategy has been a testament to the bank’s ingenuity. The project, executed without external consultants, involved a small internal team that expanded to include a thousand employees across three countries.

“Now, we want to continue to help our customers build their wealth,” says Ng. “Throughout the past few years, we’ve continued to invest across all Asian markets, and DBS can help connect customers and corporate clients with almost any investable asset in the most convenient way possible.” This strategy positions DBS as a key player in facilitating economic growth and supporting businesses in adapting to shifting supply chains.

The bank facilitates access to a wide range of investable assets, directly through customers’ phones. This service is a clear demonstration of DBS’s understanding of its customers’ needs and its ability to provide tailored financial solutions that increase convenience.

Community engagement is a cornerstone of DBS Taiwan’s philosophy. The DBS Foundation, an integral part of the bank’s operations, extends grants to social enterprises and business for impact, contributing to societal well-being beyond mere financial transactions. This approach to banking transcends traditional boundaries, cementing DBS’s role as a responsible corporate citizen.

“The foundation is an excellent way for us to get involved and take care of the community we operate in while doing long-term good for the shareholders,” says Ng.

In addition, DBS Foundation has implemented a comprehensive volunteer program, supporting social enterprises in various capacities. The bank’s involvement in community activities, such as supporting local farmers and promoting sustainable fashion, reflects its commitment to a holistic approach to caring for its markets.

In the face of emerging challenges like AI and climate change, DBS Taiwan remains at the forefront of innovation. The bank has embraced AI to enhance productivity, enabling some processes to be completed faster.

“Besides internal improvements with the aid of AI, our customers will experience enhancements of convenience and quality of service,” notes Ng.

DBS also recognizes the critical role of financial institutions in addressing climate change, committing to shift capital towards sustainable projects and renewable energy. “To enable this change, private capital needs to get involved,” says Ng. “As a bank, we need to help bring the right capital for the right projects to empower sustainable operations.”

As DBS Taiwan celebrates its 40th anniversary in the market, the bank stands out as a leader in digital banking and sustainability initiatives. The acquisition of Citi Consumer Taiwan is not just an expansion of DBS’s operations but also a reaffirmation of the bank’s commitment to providing exceptional service and contributing to the community’s welfare. With DBS Taiwan, customers can expect not only exceptional banking services but also a partner committed to their well-being and the betterment of society at large.