DBS Bank

About the Company

DBS Bank Limited is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which “DBS” was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank.[2] It is one of the “Big Three” local banks in Singapore, along with Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB).

DBS is the largest bank in Southeast Asia by assets and among the largest banks in Asia, with assets totaling S$739 billion as of 31 December 2023.[3] It also holds market-dominant positions in consumer banking, treasury and markets, securities brokerage, equity and debt fund-raising in other regions aside from Singapore, including in China, Hong Kong, Taiwan and Indonesia.[2]

According to Asian Private Banker magazine in 2023, DBS replaced Credit Suisse as the third-largest private bank in Asia, excluding onshore China, with approximately US$201 billion (S$271 billion) assets under management.

DBS iB Secure Device and Internet banking (2006 – present)
Starting in late 2006, the bank began releasing to its Internet banking customers a Dual Factor Authentication device to assist in thwarting phishing attacks. The DBS iB Secure Device is a hardware device with a key fob form factor that generates a password that is linked to the log-on name. The password changes every sixty seconds and once used is no longer valid. The institution Code for DBS is 7171.

In 2012, DBS introduced a New Generation IB Secure Device as part of the financial industry-wide initiative for an even safer online banking experience. The device has stronger authentication capabilities and provides users with an extra layer of security against potential fraudulent activities and threats.