DBS commended for embedding corporate responsibility principles in its sustainability strategy, stepping up efforts to give back to the community
Also named Asia’s Best Bank for Wealth Management for the second consecutive year
DBS, a leading financial services group in Asia, has been named the World’s Best Bank for Corporate Responsibility in the prestigious Euromoney Awards for Excellence 2023. In the same awards, DBS was also recognised as Asia’s Best Bank for Wealth Management for a second consecutive year.
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The Euromoney Awards for Excellence are widely regarded as one of the most esteemed accolades in the global banking industry and are seen as an endorsement of excellence and best practices. The awards recognise institutions that demonstrate exceptional performance, innovation, and leadership in areas such as banking, investment banking, asset management and capital markets.
Louise Bowman, Editor of Euromoney, said: “DBS is this year’s World’s Best Bank for Corporate Responsibility, making it the first in Singapore to receive this award since the category’s inception in 2014. Being a responsible corporate citizen is a core tenet of who DBS is, with the group having embedded corporate responsibility principles in its group-level sustainability strategy. In 2022, the bank continued to step up on efforts to give back to the community, with initiatives aimed at equipping the underserved with digital and financial literacy skills, and ensuring food security and resilience.”
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DBS’ sustainability approach is based on three key pillars – responsible banking, responsible business practices and impact beyond banking:
- Responsible Banking: DBS is committed to supporting its customers’ transition towards lower-carbon business models, enhancing their access to ESG investments, and delivering customised retail solutions such as LiveBetter to help them live more sustainably. In September 2022, the bank published decarbonisation targets for its Scope 3 financed emissions that are among one of the most comprehensive in the global banking industry. As part of the implementation roadmap, the bank has been proactively partnering its customers to incorporate sustainable business practices into their overall strategy. DBS’ sustainable finance portfolio was SGD 61 billion as at end-2022, which surpassed its initial target of SGD 50 billion two years ahead of target.
- Responsible Business Practices: DBS continues to embed environmental and social considerations into its operations. On the people front, the bank published a Diversity, Equity and Inclusion policy in 2022, formalising efforts in recent years to build an equitable and inclusive workplace, and provide equal opportunities for employees. The bank also improved the way it supports the building of long-term careers of its people with iGrow – a digital career coach that uses Artificial Intelligence and Machine Learning to help employees identify future career aspirations and recommend relevant training courses for upskilling or reskilling. In addition, the bank is committed to having strong data governance, with policies in place to ensure that data with the bank is safe, secure and responsibly used.
- Impact Beyond Banking: DBS seeks to be a force for good by championing businesses-for-good and supporting social causes including preparing communities with future-ready skills. In 2022, DBS committed an additional SGD 100 million to support the DBS Foundation’s expanded scope and new Community Impact Chapter, and other philanthropic and relief efforts.
Piyush Gupta, CEO of DBS, said: “With the world facing burgeoning climate and biodiversity change and increasing social inequity challenges, the public, private and finance sectors have to step up efforts to address these issues. DBS is no exception. From our inception as the Development Bank of Singapore, DBS has always been guided by a strong sense of purpose and doing what is right by society. Being recognised as World’s Best Bank for Corporate Responsibility testifies to the strides we have made and is great encouragement as we continue to do what we can to build a better world.”
DBS has been named “World’s Best Bank” multiple times by leading global publications including Euromoney, Global Finance and The Banker, “World’s Best Digital Bank” by Euromoney, “Most Innovative in Digital Banking” by The Banker, and “Top 100 Best Workplaces for Innovators” by Fast Company. The bank has also been recognised as “Safest Bank in Asia” by Global Finance for 14 consecutive years.
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