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DBS Bank, a leading financial services group in Asia, has reaffirmed its commitment to sustainable finance and inclusive economic development through its DBS Sustainability Report 2024. The report highlights the bank’s efforts to support businesses in their transition to greener operations and promote sustainable growth. Key initiatives include advancing renewable energy and climate action, driving financial inclusion and rural banking, empowering women and diversity in the workforce, and strengthening green infrastructure.

In India, DBS has made significant strides in renewable energy, supporting round-the-clock renewable energy projects and hybrid energy systems to ensure stable power supply. The bank has also led a smart metering project for Genus Power and advised Indonesia’s PLN on digitalization to optimize energy demand management. Additionally, DBS has made significant progress in rural banking, growing its Priority Sector Lending initiative by 24% year-on-year, with a focus on agriculture, micro and small businesses, and affordable housing.

DBS has also made significant strides in promoting diversity and inclusion, with female workforce representation growing from 27% in 2021 to 31% in 2024, with a target of 35% by 2026. The bank has received several awards, including being named India’s Best Bank for Diversity and Inclusion 2024 by Euromoney. Furthermore, DBS has expanded its green energy footprint, adding five new sites in India in 2024, bringing the total to seven locations powered by renewable energy.

Through these initiatives, DBS is leading the way in sustainable finance, climate resilience, and inclusive growth in India and beyond. The bank’s commitment to these values is evident in its partnerships with organizations promoting sustainability, financial literacy, and ethical waste management. With a strong presence in key markets like India, China, and Indonesia, DBS is well-positioned to drive positive change in the financial sector.

DBS, a Singaporean bank, has released its first emissions report since committing to net zero targets. The report highlights the bank’s progress in reducing its greenhouse gas emissions across various sectors. While there was mixed performance across the seven key sectors, the bank showed positive developments in power, oil, and gas, which were considered high-emitting sectors.

Notably, the shipping and steel sectors fell behind the bank’s net zero transition pathways, a clear area for improvement. However, the successes in power, oil, and gas demonstrate progress in areas that were previously considered challenging.

It is essential to recognize that the mounting excitement around DBS’ report should be tempered. The headline numbers alone do not paint the entire picture. A more nuanced approach is necessary to fully understand the bank’s efforts to reduce its carbon footprint.

The report’s release is a significant milestone for DBS, signifying its commitment to addressing climate change and contributing to a global goal of net zero emissions. While there is still much work to be done, especially in the shipping and steel sectors, the bank’s progress in other areas is encouraging. The report serves as a baseline for further improvements, and DBS will likely face increased scrutiny and pressure to deliver on its climate promises.

DBS’ report sets a standard for other financial institutions to follow, as the banking industry grapples with the urgent need to reduce emissions and address climate change. The disclosure of such reports will help stakeholders, including investors, customers, and regulators, better understand the bank’s environmental performance and its efforts to mitigate the impact of its operations on the environment.

Ultimately, DBS’ first emissions report is a meaningful step towards transparency and accountability, but it is by no means the end goal. The bank’s continued commitment to reducing its emissions and achieving net zero will be critical to its success in this journey.

The outgoing CEO of DBS, which is one of the largest banks in Southeast Asia, took home a record-breaking compensation package of $13 million in 2024. This is a significant increase from the $7 million he received in 2023, and it is evident that the bank’s shareholders have reaped the rewards of the CEO’s leadership.

However, the new CEO, who started in 2024, seems to be confident about the bank’s future prospects. She notes that DBS has been consistently delivering strong financial performance, with its profits reaching historic highs in 2024. The new CEO attributes this success to the bank’s diversified business model, which includes digital banking, wealth management, and risk management services.

The new CEO emphasizes that she is responsible for building on the foundation established by her predecessor and is committed to driving the bank’s digital transformation, expansion into new markets, and enhancing the overall customer experience. She is confident that the bank’s momentum will continue, and that it will be able to weather any economic challenges that may arise in the future.

DBS has been at the forefront of digital banking in Asia, with a strong focus on innovation, customer-centricity, and digitalization. The bank’s agnostic approach to technology, which allows it to source the best solutions from across the globe, has given it a competitive edge in the rapidly evolving banking landscape.

In addition, the bank has been expanding its presence in new markets, including its recent entry into new countries such as India and Indonesia. This strategic expansion is expected to drive future growth and diversification of the bank’s revenue streams.

While the outgoing CEO’s record pay package may raise some eyebrows, it is a testament to the bank’s success and the CEO’s leadership. The new CEO’s arrival marks a new chapter in the bank’s history, and it will be closely watched by investors and analysts as it navigates the rapidly changing banking landscape.

Overall, DBS’s record-breaking CEO pay and its future prospects are founded on its commitment to innovation, customer-centricity, and digitalization, which will enable it to ride out potential economic headwinds and continue to deliver strong financial performance in the years to come.

Medtronic has received FDA approval for its BrainSense Adaptive deep brain stimulation (aDBS) and BrainSense Electrode Identifier (EI) for patients with Parkinson’s disease. This technology allows for personalized therapy that adjusts in real-time to a patient’s changing needs. aDBS is the first adaptive DBS system that can dynamically adjust therapy based on a patient’s brain activity, providing improved symptom control and reducing the need for manual adjustments.

The technology is built on Medtronic’s Percept DBS neurostimulators, which use proprietary BrainSense Adaptive technology to personalize therapy. This feature uses a patient’s own brain signals to monitor and adjust their therapy, allowing for more targeted and effective treatment. According to Medtronic, this technology can help patients with Parkinson’s who struggle with motor symptom fluctuations, dyskinesias, and other side effects.

The approval of BrainSense aDBS and EI marks a major milestone in the treatment of Parkinson’s disease, with over one million people affected in the United States alone. This technology has the potential to revolutionize the approach to therapeutic treatment for patients with Parkinson’s, providing more personalized and effective care.

The technology was tested in a clinical trial conducted in collaboration with over a dozen world-renowned neurologists and neurosurgeons from leading academic institutions. The study, published in npj Parkinson’s Disease, demonstrated the safety and effectiveness of chronic dual- and single-threshold aDBS modes compared to continuous DBS for eligible patients with Parkinson’s disease receiving DBS therapy.

Medtronic expects to begin patient programming in the United States at select healthcare systems over the coming weeks, with nationwide availability expected in the coming months. The technology is also available in Europe. This development has the potential to provide new hope for patients with Parkinson’s, offering a more personalized and effective treatment option that can help improve their quality of life.

DBS Group, a Singapore-based bank, has announced that it plans to reduce its workforce by 10% over the next three years as it intensifies its use of artificial intelligence (AI) across operations. Despite this, the bank has hired 1,000 AI specialists, demonstrating its commitment to building AI capabilities.

The bank’s CEO, Piyush Gupta, highlighted AI’s unique ability to self-create and manipulate, making certain job roles redundant. DBS is using AI for fraud detection, risk management, and onboarding new customers, as well as internal job mobility and portfolio management. While the 10% workforce reduction will primarily involve contract and temporary staff, with a significant portion expected to leave through natural attrition.

This is not the first time DBS has faced challenges related to automation-driven job losses. In 2016-2017, the bank identified 1,600 redundant roles, but successfully retrained and reassigned 1,200 employees. However, Gupta acknowledged that AI’s impact this time is more profound, making it difficult to create new roles.

Despite the planned job cuts, DBS has seen strong business growth, with its client base expanding from 6 million to 20 million. The bank reported an income of SGD 22.3 billion and a net profit of SGD 11.4 billion in 2024.

DBS is taking a cautious approach to AI adoption in customer outreach, recognizing the potential for AI to “hallucinate” and generate incorrect or misleading responses. However, the bank has successfully tested AI-driven customer engagement and plans to expand its use by the end of 2025.

The DBS Group’s AI-driven transformation highlights the dual impact of automation – enhancing efficiency while also making certain roles obsolete. As the banking sector increasingly adopts AI, balancing innovation with workforce stability will remain a critical challenge. The bank’s approach provides a glimpse into the challenges and opportunities that lie ahead for the industry.

The India-Singapore Connect, a high-level summit organized by DBS Bank in association with CNBC-TV18, brought together policymakers, business leaders, and experts from both countries to discuss ways to foster inclusive growth and strengthen their partnership. The event celebrated the 30th anniversary of DBS’s presence in India and its commitment to the country’s growth.

The summit featured a ministerial panel led by DBS’s CEO and Director, Piyush Goyal, India’s Minister of Commerce and Industry, K. Shanmugam, Minister of Home Affairs and Minister of Law, and Tan See Leng, Minister of Manpower and Second Minister of Trade and Industry. The panelists shared insights on their countries’ deepening partnership, with a focus on areas like renewable energy, semiconductors, digitalization, skill development, and wealth creation.

Minister Goyal highlighted the India-Singapore Ministerial Roundtable (ISMR) as a unique platform for open and frank discussions on topics such as geopolitical strategies, bilateral economic cooperation, and global sustainability. He emphasized the potential for international collaboration on renewable energy, citing the undersea cable projects between India and Singapore as a benchmark for global energy sharing.

Singapore’s Minister Tan See Leng expressed optimism about India’s growth momentum, citing the vibrancy and rapid evolution of Indian cities, and predicted an accelerated trajectory within the next decade. He highlighted the need for deeper collaboration between the two nations, particularly in areas like semiconductors, digitization, and research and development.

The event concluded with a renewed sense of purpose to focus on critical sectors, mirroring the themes of recent agreements signed between India and Singapore. The two countries will celebrate their 60th anniversary of diplomatic relations in 2025, marking a decade of their strategic partnership. The India-Singapore Connect provides an ideal platform to build on their existing synergy, celebrating strong bilateral ties and laying a roadmap for greater collaboration in the years ahead.

A former wealth planner at DBS, Pang Yuheng, has admitted to cheating four clients in Singapore by deceiving them into investing in fictitious fixed deposits. Pang, 28, pleaded guilty to three counts of cheating, involving the loss of S$324,000 ($241,000). He has also faced three additional charges, including one count related to the loss of S$24,000, which will be considered during his sentencing in March.

The scheme allegedly took place from March 2022 to March 2023, during which Pang convinced clients to transfer a total of S$348,000 to his personal bank accounts. He claimed to offer fixed deposits with interest rates of 4 to 12.88% per year, with maturity periods ranging from two to 12 months. However, these deposits were entirely fictitious, and Pang had no intention of fulfilling the investment obligations.

According to the prosecution, Pang was motivated by his own financial difficulties, including significant debts to licensed moneylenders and online gambling losses. As a result, DBS terminated his employment in June 2023, and some of the victims received compensation from the bank.

Pang’s actions carry severe legal consequences, with each count of cheating punishable by up to 10 years’ imprisonment and a fine. The case serves as a stark reminder of the importance of verifying investment opportunities and the potential consequences of fraud. It also highlights the need for stricter regulations and oversight in the financial industry to prevent such schemes from occurring in the future.

Regit, a digital garage, and DBS Data, an offline communications and advertising expert, have partnered to revolutionize the way brands in the automotive industry engage with motorists. The partnership aims to leverage Regit’s insights from over four million motorists to deliver personalized, data-driven campaigns. By integrating Regit’s vehicle data with DBS Data’s extensive household database, brands can reach target audiences with pinpoint accuracy.

The partnership will provide comprehensive customer profiles, tailored to meet specific brand objectives, such as targeting car owners considering a switch to hybrid or electric, high-value car owners, or those impacted by Clean Air and Low Emission Zones. This data will help engage drivers looking to transition to a greener, cleaner vehicle. The collaboration will also enable automotive brands to create targeted campaigns for products like insurance, extended warranties, and servicing packages.

The partnership is particularly significant in the transition to electric and hybrid vehicles, with 59% of motorists expected to choose an electric or hybrid as their next car. The data will help automotive brands deliver timely, relevant messaging to support consumers at every stage of the journey, from considering a switch to electric to dealing with Clean Air and Low Emission Zones.

Regit’s head of agency and OEM partnerships, Rob Carnaby, and DBS Data’s head of growth, Dan Barnett, believe that the partnership will unlock new opportunities for brands to connect with drivers in meaningful ways, leveraging Regit’s insights and DBS Data’s expertise to deliver tailored campaigns. The partnership will enable brands to reach the right audiences with the right messages at the right time, supporting EV adoption, aftersales services, and more.

DBS Bank India has opened its 16th branch in Coimbatore, Tamil Nadu, which will offer a range of services to High Net Worth (HNI) clients, Small and Medium Enterprises (SMEs), and large corporates. The branch, located on Avinashi Road, will provide a full suite of offerings, including current account services, trade and FX solutions, and working capital facilities. The bank aims to tap into Coimbatore’s thriving textile, engineering, and automotive industries, and its growing real estate market.

The branch will also cater to NRI and private banking clients through its DBS Treasures proposition, which includes a comprehensive suite of bespoke benefits and cross-border solutions. Small businessmen, including those in export-oriented enterprises, can leverage DBS’s deep Asian network, as the largest bank in Southeast Asia.

The bank will also offer a unique product, Consumer Loan Against Property (CLAP), to meet the growing demand for loans against residential and commercial assets. Additionally, the branch will service the city’s retirees and pensioners with its customized proposition, “DBS Golden Circle,” which includes higher deposit rates, discounts on lockers and other products, as well as healthcare benefits, cyber insurance protection, and a 24/7 banking helpline.

Managing Director & Head of National Distribution, Bharath Mani, said that Coimbatore’s diverse business environment, growing internet and mobile penetration make it a strategic center for DBS. The bank’s physical and digital network empowers customers to “Live more, Bank, less,” and the bank looks forward to being the bank of choice for clients, including HNIs, SMEs, export-oriented enterprises, and older citizens across Coimbatore.

The Brihanmumbai Municipal Corporation (BMC) has launched a crackdown on commercial establishments and real estate developers with significant property tax arrears. The move aims to seize and auction properties with outstanding dues. The first instance of this was reported on January 18, when the BMC served notices to DBS Realty and other leading companies under Section 203 of the Mumbai Municipal Corporation Act. The latest development is the seizure of 18 properties of DBS Realty at Sangharsh Nagar in Kurla, with a total outstanding property tax of ₹178.64 crore. If the company fails to pay its outstanding dues within 21 days, the property will be seized and auctioned.

The joint municipal commissioner of the assessment and collection department, Vishwas Shankarwar, said that the notice was served on Friday, and if the developer fails to pay its outstanding dues, the property will be seized, and the title on their property card will not be cleared until the property tax is cleared. The goods on the property will subsequently be auctioned.

The BMC has set a tax collection target of ₹6,200 crore for the financial year 2024-25. As of February 12, 2025, the civic body has collected ₹4,823 crore. The remaining tax collection of ₹1,377 crore needs to be done by March 31, 2025. Despite several attempts, the Hindu newspaper was unable to contact DBS Realty for comments on the matter. This move by the BMC is part of its efforts to recover outstanding property tax dues from defaulters.