DBS grows digital footprint while embracing POSB heritage

Singapore

SINGAPORE's largest bank - which holds about half of the entire country's savings - is juggling its evolution into a digital lender without alienating existing customers and losing its POSB heritage that brought it cheap deposits.

DBS is trying to drive Singapore's cashless shift, particularly as branch transactions at DBS are roughly 50 times the cost of an online transaction, Jeremy Soo, head of the bank's consumer banking business in Singapore, said in an interview with The Business Times.